How Marketers Trick You into Spending More Money
Table of Contents
As we head into the holiday season, businesses will start ramping up their marketing efforts in an attempt to convince you to spend your hard earned money with them. Given that you’ve worked hard for your money, businesses should also have to work hard to take it from you.
Here are 5 tricks that marketing departments use to try and get their hands on your cash.
Eye Level is Buy Level
This is a basic merchandising principle that argues putting products at the consumer’s eye level will increase the likelihood of them purchasing them. Next time your head to a shop, make sure to look at the top and bottom shelves; sometimes the best deals are hidden in plain sight.
Sound and Lighting
Retailers will often use sound and light to influence our decision making. It’s common for shops who want us to linger and look at all the products to use slow relaxed music and dim lighting; making it easier for us to lose track of time. The more time you spend in a store, the more likely you are to make a purchase.
Psychological Pricing
This is when a business prices a product just below a round number, for example £3.99 instead of £4.00. They do this with the hope that you’ll focus on the 3 and not the 99. Making you more likely to buy it because it appears cheaper.
Not-So-Free Shipping
As we’re moving to shopping online more, marketers are finding new ways to trick us into spending more money. For example; have you ever spent an extra £10 or something you didn’t really want just to get free shipping? Although this may feel like a saving, you will most likely be better off spending the money on the shipping instead.
False Sense of Urgency
Businesses are increasingly pressuring you to purchase by creating a false sense of urgency through limited drops, time bound offers, precise stock counts and limited collaborations. This is becoming more common as social media increases our chances of us feeling left out.
Quick Reminders
As the consumer, you hold the power to decide what you spend your money on this holiday season. To avoid falling into these traps, make sure to save in advance, making a shopping list, compare options and prices and keep to your budget.
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