Simon Sinek, Start with Why - Part 1
The pandemic has accelerated digitalization and with more businesses moving online, it has become more competitive to sell. If you're looking for marketing strategies to increase sales, look no further! Below are some strategies you may deploy:
- Lower your price. ALWAYS make sure you have the lowest price in the market.
- Offer promotions/discounts. "Buy 1 get 1 free", "90% off for the 2nd item", "It's the SINGLE best day to purchase!" etc.
- Create fear. Share unfortunate news about some celebrity and quote "Get your insurance before it's too late."
- Send aspirational messages. "Become the next Warren Buffet by taking our investment course!"
- Leverage on peer pressure. "All the cool kids (influencers) wear our sneakers."
- Be "innovative". "Look at this sleek design, it's first in the market."
You may find some of the examples offensive but somehow relatable as these are commonly seen manipulations. I don't mean it pejoratively and the good news is, they are extremely effective for short-term gain.
Manipulations lead to transactions, not loyalty.
Many businesses are struggling just to manage their bottom line especially with the current climate, and the strategies above is the quickest way to convert people into buying customers. It's basically carrots and sticks and the downside is a vicious cycle of more manipulations in order to keep getting sales. You may have repeating customers until they decide someone has a "better offer".
There'll always be manipulations in the business world. Heck, even I have to come up with "click-bait" titles to "attract" readers. But now more than ever, companies should build customer loyalty to stay ahead of the competition.
And there's an alternative.