In the fiercely competitive world of business, marketing stands as the main pillar for a company’s success. Without an effective marketing strategy, companies may struggle to stand out amidst the crowd and differentiate themselves from competitors. While common marketing strategies such as mass media advertising, content marketing, and social media campaigns can yield satisfactory results, sometimes they may not suffice to achieve desired goals. That’s why it’s important to continually seek lesser-known marketing tricks, strategies that can provide a unique competitive advantage, and have a significant impact on boosting brand awareness and converting prospects into loyal customers.
1. Selling Products with Three Options
Did you know that some companies deliberately design their products with the indirect intention of not being purchased by customers? One example is a common practice in the fast-food industry, where products are offered in three size options: Small, Medium, and Large. While at first glance, it may seem like a beneficial variation for consumers, there’s actually a hidden strategy behind it. The price difference between the small size and the medium or large size is often significant, making the small size appear much cheaper compared to other options. This is part of what’s called the Decoy Price strategy, where companies create significant price differences to direct buyers’ preferences in a certain direction. By creating a “decoy” that looks like an unfavorable offer, companies can encourage buyers to choose a certain size that is actually more advantageous for them. This technique has been used by various well-known companies such as Starbucks, McDonald’s, and many more. Such strategies are a real example of how companies use consumer psychology to boost their sales and profits.
2. Using Social Proof
As a generation that lives and thrives in the digital era, we have become very familiar with the term “Review”. This term refers to someone’s experience or opinion about a product or service after they have used it. In the context of online platforms, such as social media or shopping websites, “Reviews” play a crucial role. Many of us, before deciding to purchase a product, tend to read and compare the “Ratings” and “Reviews” from previous customers. The higher the rating and the better the reviews, the more likely people are to choose the product. This is because reviews and ratings provide an overview of the quality and satisfaction of customers with the product or service offered. Conversely, negative reviews or low ratings can be a signal for potential buyers to avoid the product. Therefore, for online businesses, getting positive reviews and high ratings is crucial in enhancing the appeal of their products in the highly competitive digital market.
3. Creating a Sense of Rarity in Products
“Promo only valid until today”, “50% discount only until today”, “Special Valentine’s discount 60% for every purchase of 2 products”, “Limited Edition” – Sound tempting, right? Techniques like presenting a promotion with a specific deadline or limited product stock can make customers feel a sense of urgency, prompting them to take immediate purchasing action. This can trigger impulse buying or purchases made without careful consideration. Even consumers who previously had no intention of buying can be tempted to take advantage of the promotion because they fear missing out on the opportunity to get a discount or exclusive product. By using marketing techniques like this, companies can effectively increase sales and influence consumer behavior.
4. Utilizing the Number 9
If you were presented with a product with a price label of “49,990” compared to a product with a price tag of “50,000”, which one would you choose? Most people would choose the product with the price tag of 49,990 over the one priced at 50,000, and this phenomenon is known as charm pricing. Psychological factors like this can make consumers feel like they are getting a better deal or that the product is more affordable, even though the actual difference may not be significant. This is one of the commonly used marketing techniques to influence price perception and drive purchases.