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tagged with all of: consumer-behavior + sales
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The article discusses the concept of demand intensity, exploring how consumer behavior and market conditions influence the strength and nature of demand for various products. It highlights the importance of understanding these dynamics to effectively strategize marketing and sales efforts in a competitive landscape.
Products that showcase multiple related benefits can increase sales by 42% compared to those with only a single benefit. However, presenting unrelated benefits can be detrimental to sales performance.
Requiring customers to complete a small task to obtain discounts can significantly increase sales, with studies showing redemption rates up to 59% higher when tasks like entering a promo code are involved. This phenomenon, known as the Token-Effort Effect, suggests that perceived effort in redeeming a discount enhances the likelihood of purchase, making it essential for businesses to incorporate minimal friction in their promotional strategies.
The Mere Urgency Effect explains how the perception of urgency can significantly influence consumer behavior, often leading to impulsive purchasing decisions. By creating a sense of limited time or scarcity, marketers can effectively drive sales and enhance engagement with products. Understanding this psychological phenomenon can help consumers make more informed choices.