Do you have an experince buying something that you didn’t need it? I think most of us have same problem as we can’t controlled our spending habits .
The marketing people have their idea and strategy to get you spending. Espresso has share their own idea as below :-
1) Subscription boxes
- Do you get an email from any other companies to product their product? They will send you on a recurring basis about their product. Not just promote their product, there also subscription box that make you buy many items that not needed. Many subscription boxes come with stiff return policies but most of us don’t want to waste time to return it.
2) Paid membership
- It is one way that e-commerce giants grab you as their own customer. They put on some basic fee membership to get your loyalty. They put on discounts, free shipping, exclusive members events and other run. But do you count the item you buy? Sometimes it could cost the member much more. If you want to sign up for a membership, you need to consider how many purchases on making per year at that store.
3) Fear-based marketing
- Used a statement that make people missing out is one of the popular marketing strategy. Fear has been shown to stimulate greater brand attachment and create a sense of urgency. Do you getting trap into this fear based marketing? Honestly, I’ve been there too.
4) Email list
- Do you get many spam email in your inbox? This method using email marketing by sending newsletters, sales alert and new product information through email. It is 40 times more effective than social media marketing as buying time is three times faster, both online and in-store.
5) Free gifts
- Get a free gift will make us happy. Isn’t it? It look like free but there still impact. For example, 7-Eleven held a promotion giving away free 7.11-ounce Slurpees. The sales went up nearly 40 percent as consumers are offered a free sample and they will feel the obligation to reciprocate the generosity and purchase the full product.
6) Charm pricing
- Charm pricing has been around for so long, most shoppers almost expect items to be priced just a few cents or dollars below a round number (like $4.97 or $499). The reason is that shoppers associate this odd figure with the lower rounded number—for example, if a customer sees an item priced at $4.97, their brain will tell them it’s closer to $4 than $5. And this theory is backed up by evidence: an experiment conducted by researchers at the University of Chicago found that women were 40 per cent more likely to purchase a dress for $49 despite being offered cheaper options at rounded price points. While the ubiquity of this marketing strategy makes it a hard tactic to avoid, customers should remember that this type of pricing only distracts them from understanding the real cost of an item.
7) Prestige pricing
- The opposite of charm pricing or decoy pricing or deceptive discount pricing, prestige pricing operates on the assumption that shoppers will be more likely to buy an item if the price is higher, regardless of the actual production costs or quality of the product itself. While it sounds counterintuitive, this pricing strategy works for well-known and high-end brands, from car makers to designer labels who know that the consumer is really shelling out for the brand value rather than the item itself. In fact, luxury retailers take their brand value so seriously that last year, companies Burberry, Louis Vuitton and Richemont were roundly criticized for purposely destroying unsold luxury goods to avoid having to sell them at a discount and thereby diminishing their brand value. It’s recommended that shoppers think clearly and carefully about what it is that they’re actually paying for when considering purchasing a high-end luxury product at full price, because that ‘full price’ is likely more inflated than it should be.
8) False scarcity
- “Limited time only!” and “While supplies last” are age-old marketing buzzwords to suggest that if a customer wants an item, they better “act fast” lest they miss out on this “exclusive offer!”. Marketers take advantage of customers in myriad ways when they employ this strategy: according to Marketing Land, the scarcity mindset is one in which consumers are willing to accept anything, stating, “A person who is suffering from a scarcity mindset is more likely to buy a crappy car, get what he or she needs from a shady e-commerce site and buy low-quality merchandise.” The scarcity mindset also makes consumers focus on desire, rather than what they currently have. Teaching oneself to avoid the scarcity mindset trap will help reduce unwanted, impulse
- In this day and age, it’s important that brands and companies hold themselves accountable for their contribution to climate change through the manufacturing and distribution process. But what is less helpful and more effective for selling products is “greenwashing,” when companies make false or exaggerated claims about the environmental sustainability of their products. This ranges from a bottled water company touting their new “Eco-Shape” bottle design or an automaker advertising a “clean diesel” engine, to more innocuous claims that a product is “natural,” “non-toxic,” or “eco-friendly” without sufficient evidence to back up those descriptors. And sustainability sells—a global online study from Nielsen found that 51 per cent of baby boomers and 72 per cent of Gen Z respondents were willing to pay more for products from sustainable brands. They should just make sure these brands are putting their money where their mouth is.
10) Celebrity endorsement
- Do you found the advertisement that include your favorite celebrities. Look at famous footballer, Cristiano Ronaldo at Shoppe ads. Do you think he will buy at Shoppe? Using his face could boost the popularity of Shoppe.