"That
color really brings out your eyes."
"We
don't know when we'll have them in your size again."
"They
only made this specific model of laptop in a limited run to test the
market."
In some
ways, sales representatives are the masters of consumer psychology. Tasked with
turning window shoppers into paying customers, they employ a series of
techniques that can persuade even the most grizzled consumer into making a
purchase he or she hadn't planned on. From our vanity to our fear of missing
out, sales reps have figured out how to key off on the driving forces that lead
us to commit to a purchase. The scary part is, many times they're so good at
persuading us to purchase that we don't even know we've been had until it's too
late. For example, here are four common sales techniques that most people keep
on falling for without realizing it.
Pouring on
the Honey
The most
commonly used technique in any sales representative's arsenal of tactics is
flattery. Consumers, by nature, want to be validated for their purchases and no
one is more willing to pour on the compliments than the attending salesman.
They're always the first to tell you that the dress you're trying on is
stunningly slimming or the car you're test-driving makes you look like an
executive.
The
surprising thing is that, even when customers know the flattery they're
receiving is insincere, they still fall for it. Last year, a study at the Hong
Kong University of Science revealed that all forms of flattery, sincere or
otherwise, create a positive image of the flatterer in the mind of a customer.
As a result, we unconsciously begin to trust the sales representatives more and
make ourselves easier to push into making a purchase.
Perceived
Scarcity
Nothing
motivates a consumer to commit to a purchase like perceived scarcity. For
example, I was recently in a shoe store where a customer was trying on a pair
of designer high heels that were about $100 over her budget. After about 20
minutes of pacing through the store in the top-shelf shoes, the customer was
still reluctant to buy them. The sales representative then told her that she should
purchase the heels even if it meant returning them the next day, because they
were the last pair the store would get in her size for the foreseeable future.
Then a second representative came over and told the young woman that she passed
over a pair of similar heels by the same designer in the past and it took her
six months to locate the same shoes again.
If the
young woman was thinking objectively, she might have realized that she could
very well have found the same pair of shoes online for less than the store was
charging. However, since she was already flirting with the purchase, the sudden
manufactured fear of missing out on the shoes forever was enough to make her
commit to the purchase. A study by Stanford University has shown that a fear of
being "jilted" decreases our overall satisfaction with a piece of
merchandise, but dramatically increases our desire to buy it. Stores know this,
so they run "limited supply" sales to generate that kind of fear that
drives people to buy. Even when you book a hotel online, you'll see the
"only two rooms left" tag attached to some reservation links. So, the
next time you're tempted to buy something stop and ask yourself if you'll
really never see the product again, or if you just think you won't.
The
Discounted Markup
Many
times, a store will dramatically mark up the price of its merchandise just so
it can offer a convincing discount when it comes time to make a sale. This
occurs most commonly at car dealerships, where the sticker price on some
vehicles can be more than $2,000 above the manufacturer's suggested retail
price (MSRP). This way, the dealership can allow customers to talk down the
price of the car to the MSRP so that they think they're getting a good deal
when really they're just paying exactly what the dealership had hoped for all
along.
Obligation
Through Reciprocity
Our
feelings of guilt and obligation can be powerful motivators when it comes to
buying a product. Studies have shown that people naturally have a sense of
reciprocity that leads them to believe that after something nice is done for
them, they should do something nice for the benevolent party in return.
To
capitalize on this, sales reps will often create a "give and take"
scenario where they make you feel that they've done you a favor. For instance,
if you can't find a pair of jeans in your size a sales representative will
search through the stock room for multiple alternatives that you might find
appealing. It's a simple gesture, but as a result, you'll feel more obligated
to make a purchase from them.
The Bottom
Line
If you
want to control the amount of money you spend on shopping trips, you need to
learn how to recognize these common sales techniques. Once you're able to see
through a sales representative's pitch, it will be easier for you to make an
objective decision about the worthiness of any potential purchase. As a result,
you'll be able to buy less of the things you don't need and save more money on
the things you do. It might not be rocket science, but it's certainly smart shopping.
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