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Your Customers’ Three Favorite Words

Tuesday, July 22nd, 2014

There are so many “buzzwords” out there that people supposedly love to hear, and new trendy ones appearing all the time, but the Entrepreneur.com article “The 3 Words Your Customers Love Most” recommends sticking with the classics. There’s nothing surprising about these words, but you may be shocked by just how effective they really are:

  1. “Free!” Of course customers love free, but it’s astonishing how much of a difference “free” makes as compared to very cheap. For instance, in one study people were offered the choice of a truffle for 15 cents or a Hershey’s Kiss for 1 cent, and nearly three-fourths chose the truffle because they saw it as a great deal on a better product. But when both prices were reduced 1 cent, the truffle to 14 cents and the Kiss to free, nearly 70 percent chose the Kiss. Our brains are clearly wired to want free things, even if the actual difference is only a penny. So, the lesson for your business is to never sacrifice the promotional value of free in exchange for gaining a trivial amount of money on a deal.
  2. “Instantly!” We all want instant gratification. Research shows that even conservative spenders will be much more likely to spend their money if they know they don’t have to wait for the reward. In the case of tanning businesses, people love to hear that a service or product will give them instant results. And to really put this one to work, give customers an instant reward for signing up for a membership, like a free product, upgrade or piece of merchandise.
  3. “New!” The physiological effect of  “new” in the human brain’s reward center is well established. That’s why it’s important to introduce new equipment on a regular basis, change up product lines, and maintain a fresh appearance. You can only do these things so often, but you can also maintain the appearance of “new” by switching up your menu, packaging products and services differently, and holding periodic contests and promotions.

Click here to read the Entrepreneur.com article.

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