5 Types of Impulse Selling
Updated: Jun 21, 2021
1. Fear of loss:
The fear of loss is greater than the need for gain.
Your Fantastic Promotion or discount, must be a limited time offer. Example: ("We only have 100 widgets for this area, and they are going like crazy!") Nobody wants to miss out on a good deal.
2. Sense of Urgency:
You must create an urgency to buy today. People will buy on impulse, only if you can get them excited about your promotion. Example: ("Today is the last day we will be offering this promotion in this area!") It's the now or never concept.
3. Jones Effects:
Have you heard the saying: "Keeping up with the Jones' "? It is so true, nobody wants to be the first person to buy. If your customer sees that their neighbors have bought your product or service, it's got to be worth buying!
***People put more stock in the buying decisions of the masses or people they know than in their own decision making ability. Great testimonials will drive sales.
One of the hardest factors to master. Never appear desperate for a sale, if you do, your customer become skeptical, and will not buy. You have a Fantastic Promotion which is well worth the money, so you don't have to beg for a sale. Example: ("It's up to you whether you get one today or not, but I've only got a few left and they are going like crazy!") Be careful with this one if you are too indifferent you can lose a sale. It just takes a little practice.
5. Greed Factor:
This is the customers drive to want MORE for less. For example, "The price was originally 97, then 67, the 37, now just 17."
The concept behind this is to establish value in the customers mind at a high price (that they may contemplate purchasing at) and then once they see the price has been dropped they will like it is too good of a deal to pass up.
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