So what can we take from Channel 9's new symposium on Behavioural Economics?
- Offset the risk where possible - Can you make your sale risk-free for your customer? Money back guarantees and product warranties have been successful strategies for a very long time for a very good reason. If you can't offset the risk, then...
- Gain must exceed risk of loss - If you are running a consumer promotion, what are you asking your customers to lose for the chance to gain? How much money must they spend or energy expend to participate? If the payoff is not much greater than the loss then they will not participate.
- Scale the pressure - Acknowledge that your customer will be going through various levels of psychological pressure throughout the sales process. Look for signs of tension and help them through using any strategies at your disposal. Imagine a car sale - the further away from my budget I get with the model you try to up sell (loss), the more I'll be seeking reassurance about features and options you can 'throw in' (gain). The harder you push me for a long-term contract (loss), the more I'll need comforting about the benefits to me (gain).