As a human, we have the urge for wanting more. We want more than what we have. It is the most typical human tendency. More than often, we express this tendency in the form of purchasing stuff. This can be psychological, physical, or anything else. This is how the psychology of people works.
This is information on why people feel the urge to buy new things. We will be going through the psychological processes of these people.
In any type of marketing, understanding the psychology of people – your potential buyers can increase sales. Now, it’s up to marketers to convince people and turn visitors into your customers to buy products that are related to the products they like. In this way, people tend to purchase more when influenced by the product they like. That’s the reason why businesses collect your past purchase data to make an assumption about what you would like to buy next time. This can be extremely used by businesses, but sometimes, it can be very irritating to the consumer.
Now, understanding your consumers can easily make you understand the psychology of people as was said in the previous article. This is extremely helpful if you are running ANY! Yes, I mean it. Any kind of business. The top and famous companies or industries like the tech giants (Apple, Amazon, and many others) were able to reach their current spot by understanding their needs and wants by developing strong relationships with customers.
People want to buy stuff. Whether it’s for status, richness, beliefs, and many others. The psychology of people is that as soon as there is more money, they will spend more. The higher the revenue, the higher is the expenditure. People will buy things if they have the money and, if they are satisfied with the product, they will become recurring assets to a company.
Some people will be cautious about what they are purchasing and more often than not this can also lead to purchasing more than you need. One example would be – Imagine that you are about to purchase a dishwasher for your home from a local store. The employees try to convince you to purchase products related to the dishwasher. Many times, you end up buying them. So, even though you did not need other items to operate your dishwasher, you still purchased it. But many times the extra product turns out to be something useful and sometimes not.
Studies show that beliefs, thoughts, feelings, and perceptions can influence what we buy and how we buy it. Now, it’s all down to the consumers whether they have to purchase the product or not. The thing is that people tend to purchase more if the product looks and feels promising. Again, one of the main aspects is understanding the consumers. For other people, social media influences us to purchase more.
To convince or influence people into buying something, many marketers use exit intent technology. Exit intent popup is basically a popup message which gives your potential consumer a second chance to buy their products, subscribe to newsletters, and much more. Exit intent popup has been known to boost sales by 53%. So, we can say that the exit-intent popup has convinced many people into buying things. These pop-ups have been used very well by eCommerce sites, and marketers. Exit intent popup works very well on websites, especially eCommerce sites. If you are a marketer, you should definitely utilize this tool to boost your sales.
Now, you might be getting the question of who is influenced the most into buying. The answer is, almost everyone. Anyone who made a recent purchase is likely to have been recommended by the products related to it. The one who is searching for something on the internet can also be influenced by ads, social media posts, blogs, and many others. The thing is that, no matter how you look at it, we all have been influenced to buy something directly or indirectly.
The next question is- is it a sickness?
The answer to this question depends on some factors. Factors like how convincing is the potential product, the overall experience, and others. The thing is, when people have much more money than they intended to get, they would almost every time purchase something.
It can be a sickness if you are purchasing something way over your purchasing power and if you are buying something that will eventually end up in your attic for something physical and if it is something virtual, it will end up being not utilized at all. So, people must know how to differentiate between their needs and their wants.
The psychology of people is something complex that when understood by businesses very well can lead to bigger sales. Another important factor would be how much people trust that product. All top companies today are at their current position because of people’s trust.
Exit intent popup is a useful and somewhat quicker way of generating sales.