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Tuesday, 12 November 2019

Money and marketing: These are the words that make people spend money (infographic)

There’s one thing us marketers all have in common: We use the written word to encourage someone to buy a product or service. The question is which words actually make people want to swipe their credit cards.
Of course, we don’t condone unethical marketing here, so we’re not talking about putting people under trances, sharing misleading information or anything of the like. We are, however, interested in the psychology behind communication, and how we can be clever with our use of words.
Naturally, that interest extends into curiosity about the words that make people spend money. Here’s what we know:

Simply put: words matter

The language you use to promote your brand has a direct impact on sales, namely because words drive consumer interactions with your company. From direct conversations with sales reps to casual encounters with social posts, the way you deliver messages has a significant impact on buying decisions.
Word associations and connotations are partly responsible for such influence. Using an insulting, negative or easily-misinterpreted phrase can turn someone off a brand entirely, while the right conversation can have audiences clinging to every phrase.
What’s more, marketing copy must align with the target audience to have any chance of resonating with them. It’s similar to the noticeable difference between how you talk to your boss versus your friends, or how geographical phrases and subculture lingo can create connections between groups of people.
The words you use will help paint a picture of your product or service that you want customers to see. The written word helps you connect with them, grab their attention, play on curiosities, address pain points and, ultimately, convince them that you’re worth the money.

The $$$ words

Before we dive into the words that make money, let’s start with some general pointers:
  • Use strong verbs to encourage action (and by action, we mean spending money).
  • Appeal to the senses with sensory words that tell a more engaging and persuasive story.
  • Evoke emotional reactions to influence buying decisions.
  • Choose positive connotations, always steering clear of words and phrases that may inspire negative thoughts or feelings.
  • Remember that context matters; only use these words when they make sense and complement your brand voice.
Ready to boost your sales with the written word? Here are the words to know:
words that make people spend money

Free

You know what they say: If it’s free it’s for me. Yes, “free” is used a lot. But the reality is that people love free products and services. It may feel counterintuitive initially, but people are generally more willing to spend money if they feel like they’re getting optimum bang for their buck. For most consumers, it’s easier to justify a $500 purchase when there’s $100 worth of add-ons thrown in for free. Business leaders may also be more willing to partner with agencies that offer “free” services as part of the package.
If you have the means to give something away for free, seriously consider doing so. It’s a great way to grab attention and provide potential customers with a taste of what your company has to offer. There’s no pressure on their end, which makes them feel like they have nothing to lose by trying it out. The win for you is when they love the free item so much, they’re willing to come back and buy more.

Complimentary

This is essentially a fancy way of saying “free” – but the same principles apply. People love a great deal – and complimentary has an especially alluring ring to it.

Save

Oh, the power of a great bargain. Make it clear that they’re saving money, and people are more likely to make the purchase. It’s the reason why many of us never ignore the sale rack.

Value

Impress people with how your product or service can create value for them and the price tag won’t matter as much. It’s about telling a story they can envision themselves in, whether it’s showing them how their business will be more profitable with your product or service on their side or explaining how the combo plan is a greater value than buying individual ones. It works because it makes people feel like the purchase is worthwhile.
Reference

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