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Psychology of Buying

Psychology of buying. People are buying and consuming more than ever before. Buying in general gave consumers pleasure. Everybody love buying something new.

Psychology behind buying:

  • Left-digit effect. Humans have an odd habit of focusing on the left digits of the price. When you price something at 29 dollars and 99 cents instead of 30 dollars, customers will be more likely to buy. The brain rationalizes the purchase as being between 20-30 dollars instead of 30-40, which makes it appear more affordable.
  • Baader-Meinhof phenomenon. It affects around 1 in 1000 people, however stronger imagery and powerful words/phrases can increase the odds. Social interaction with someone who had a good (or bad) experience with the product makes the person who heard the story more likely to recognize the brand in their day to day lives. ‘Frequency illusion’ increase sales.
  • Also, decoy product is very effective. The decoy effect occurs when a business owner wants a customer to purchase a larger or more expensive version of a product, so they throw in a third option to make the most expensive option seem like the logical choice.
  • The fear of missing out (FOMO) is an extremely common trend that occurs when people see a special offer or value that they would like.

If you need any help with AdWords, or in Analytics then please get in contact with us here at Network Intellect.

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