Behavioral Economics is just a fancy word for marketing. Customer psychology plays an important role in making purchase decision. Let’s look at how you can use psychology to convert the business.
Present some offers for limited period
Create some excitement among the customer. We should give great offers for limited period to create scarcity. The goal is to increase the users.
As a human, we always relate one thing with another. According to above attached image offer 3 is highest, it’s included with breakfast; offer 1 and 2 are without breakfast. The reality is offer 2 is a attraction effect. Main deal is to make offer 3 look attractive for customer, drive them to select offer 3 over offer 1 and 2.
Behavioral Economics-Use rounded numbers for rates and discounts
Rounded numbers can be useful way to make room rates and deals look attractive. If we round the number; 100 Rs instead of 99 Rs, it’s a emotional sense which says 100 Rs is a right figure.
Coupon code with expiry date
Many people get excited with Free money or Savings, coupon codes with expiry dates tap into user emotions of FOMO(Fear of missing out). Many people don’t like losing an opportunity to save money.