Understand the 3 types of buyers

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Neuroeconomics experts have labeled people’s purchasing patterns as a “shop until it hurts” process. According to research, there are 3 types of buyers:

Regular buyers (61%)
Stingy (24%)
Spenders (15%)
As you might guess, cheap buyers are the loan officer email list hardest to engage . But because they comprise nearly a quarter of your potential customers, you should learn a few techniques to minimize their “pain” during the purchase.

What can you do?
If you see that a product costs US$ 1,000 a year, you would think twice before agreeing to buy it, right?

What if they tell you it costs $84 a month? Not bad, right? (Even though it's the same thing in the end.)

This method of repricing is effective in winning over customers and buyers of all types, and even more so with conservative buyers.

If you offer something that has a recurring cost or can be broken down into smaller amounts, investigate how this information can be used in your pricing model.

4. Highlight your strengths by admitting small mistakes
According to social psychologist Fiona Lee , customers trust companies that admit “strategic mistakes” more than those that blame external factors for the company’s problems (even if this were true).

Lee's study sought to measure the effects of admitting errors and failures in the process of winning customers , and how this affected the stock price.

The experimenters read one of two fictitious company reports. Both reports listed the reasons why the company had performed poorly during the previous year.

The first report emphasized strategic decision making . The second report emphasized external events (the economy, competition, etc.).

The people evaluated viewed the first company much more favorably than the second. Admitting deficiencies in areas such as strategic thinking showed that the company was still in control, despite its flaws .

After examining hundreds of such statements, Lee found that the stocks of companies that admitted their strategic mistakes were worth more the following year and were able to win customers in subsequent years.

5. Use urgency wisely to win customers
Transmitting a sense of urgency in a text is one of the oldest and most effective tricks for winning customers . However, if not used properly, urgency can be counterproductive and ruin your entire sales strategy.

A classic study by Howard Leventhal looked at the effects of handing out tetanus pamphlets . Leventhal handed out two different pamphlets, both of which were very detailed about the horrific effects of tetanus disease on the body.

The first leaflet described only the effects of tetanus, while the second included information on where to get vaccinated .

Those who had the second leaflet were much more likely to take action – the rate of people who proceeded to get vaccinated in this group was almost 25% higher than in the first group.

Although the information on next steps provided in the second booklet was not exhaustive, Leventhal was able to demonstrate that…

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