How to increase sales?
The art of persuasion is what most of the companies strive for. They want to persuade the consumers into the habit of using their products. Once this habit is nurtured, the history remains to be made regarding the progress of the company.
Law of limited supply: Once, the belief is established among the masses that the product is in very small quantity and very few would get them, a hidden sense of competition originates among the consumer’s mindset. They run towards the product without even knowing much about the quality. The sale of Honor 6X mobile phone on amazon is the recent example. Online marketing companies very well use this principle to achieve their target sale of the product.
Law of Discount: Consumer feel gratified and successful in his bargaining tactics once the seller bends a little and gives some discount. The buyer feels as if his negotiation tactics has worked and thus he has grabbed a wonderful deal. Discount is a very ancient practice to promote and sell goods at the pre-determined price which is initially not declared to the consumers.
Law of Imitation: Consumers often tend to imitate the people with high social stature. Builders often gift a flat in their township built to celebrities. Likewise, cars, expensive watches and other products are gifted to the celebrities by the manufacturers. The celebrities using the product becomes a role model for the masses to follow.
Law of brand: Certain companies spend hefty sum to build their brand value. Consumers have pre-established notions about the products, even before acquiring them. As soon as the person sits in a Camry, he senses a luxury and comfort, much in confirmation to his expectations.
Law of reward: Customers feel immediate gratification once they get rewarded for purchasing a product. Companies often announce free gifts or rewards with their products which leads to huge rush of the consumers.