Marketing Strategy to Get Retail Customers to Buy Products

Nowadays, brands no longer just create complex marketing strategies, excessive tactics, or always prioritize popularity (viral). Without realizing it, combining psychological science with the art of selling can produce profitable marketing strategies for retail brands.

The subconscious part of the buyer stores feelings, emotions and hopes. These things form an idea about everything they want. Therefore, it is better for brands to understand what consumers want.

Because understanding what consumers expect after buying your product can help brands analyze customer motivation. This analysis can later be used for marketing strategies that drive better results.

Reasons for the Importance of Consumer Aspirations in Driving Retail Sales

The majority of buyers focus on the outcome of the purchase because they only care about how the product helps solve a problem or meets their expectations. Gym memberships, for example, offer products that promise fitter physical results, thus attracting people to register for membership. The ultimate goal of getting in shape is the factor that drives a consumer's purchasing decision, not the membership.

Author of the book The Business of Aspiration, Ana Andjelic said that nowadays consumers don't just buy products, but also lifestyles. Researchers also agree with this, especially as one study shows that consumer expectations, both in terms of status, success and achievement, can influence their purchasing decisions.

Marketing strategy to increase retail sales

All customers have quality standards of survival. This builds the metaphor, "what has" and "what can be had." That way, when making a decision to buy, customers will compare the real world with these possibilities.

These conditions can be used for marketing strategies that encourage consumers to buy. To support this marketing strategy, there are several important tactics that you can do:

1. Take advantage of the fear of missing out (FOMO)

The Western world has popularized the term FOMO, namely fear of missing out. This refers to the feeling of anxiety about losing something that one would not otherwise have. There are various forms, such as urgency and limited.

Limited sales times and offers of products with big discounts encourage consumers to claim vouchers or make transactions as quickly as possible. This is done because consumers are afraid of missing out on opportunities. A sales banner that says, “Last Chance” or “Last Day” is an excellent example of creating a sense of urgency.

Not only that, brands can exploit customers' feelings of panic from information about stock amounts such as, "Limited items available" or "One product left." Knowing the possibility that the desired item will run out will encourage customers to buy the product as quickly as possible.

In essence, the FOMO strategy aims to encourage consumers to make transactions now, not later. In less than 24 hours, the sense of urgency and desire to buy limited items was proven to be successful in attracting as many as 60% of customers.

2. Community as business marketing

Before buying, buyers will look for all information about the product and brand. Either ask people around you or look for information via the internet and social media. In his book, Dr. Robert Cialdini shows that peer friendships can influence a person's decision to buy a product.

Communities or groups of people who have the same interests are a powerful marketing strategy for building influence. Based on real consumer experiences, these communities hold the power to maintain trust and confidence in your brand. Such communities can offer:

• Content that can help solve buyers' and/or potential buyers' problems.
• Peer-to-peer interactions between customers, and prospects maximize brand image.
• Increase affiliate network.

One of the community-based marketing is #TikTokmademebuyit. This hashtag was able to collect more than six billion pieces of content. This is the perfect blend of TikTok community and marketing. This content can influence the decisions of millions of people who view the video.

Another example is the Sephora Beauty Insider membership. Beauty brands rely heavily on influencers on social media, unfortunately these campaigns cannot build the same trust as other communities. The community was able to increase cross-selling opportunities by 22%, but revenue fell between 13% and 51%.

3. Exclusivity and access

Limited edition products, whether from the Nike shoe brand or Rolex watches, build prestige and an important impression on a person. Brands utilize limited editions to build a feeling of exclusivity among buyers.

Without realizing it, this emotional power can encourage consumers to buy a product. This can even be maintained when consumers don't need the products marketed by the brand at all.

From a psychological perspective, the desire to become a better version drives consumers to buy products that promise that transformation. Take advantage of this as a profitable marketing strategy for your brand.