Psychology Of Sales & Why Discounting Works

What compels you to buy? Why do sales trigger a response to purchase? What are the psychological reasons why it’s hard to resist a sale and how can you apply these principles to a service design business? Learn what a “reverse sale” is and why it works. Charge more while creating the feeling of a discount.

If you’re looking for some context on how to apply this, look at this video with Ben Burns:

1:22 – When should you give a discount?
4:25 – What are the exceptions when giving a discount?
5:30 – Give a discount to loyal customers
6:45 – Give a discount to a customer that buys in bulk.
8:30 – Give a discount to people who want the “early bird” special.
10:00 – Give a discount to for people who invest, and wait.
11:00 – How to use a good story to get people to buy.
12:45 – Give a discount to for people pay early.
15:15 – Why are we compelled to buy things at a discount?
Anchor – 16:40 – it holds you to a spot, compare the discount price to original price
Time Scarcity 19:30 – the deal is going to go away
Quantity Scarcity – 21:22 – Today only! Flash offer
Decision – 24:00
27:30 – What is the reverse sale concept?
38:00 – When can you use the reverse sale concept?
39:00 – Bonus Tip: How to apply this as a freelancer
40:45 – Recap

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