Professor (Dr.) Sanjay
Boost Your Business’s Conversion Rates with this
Are you interested in discovering how businesses can influence your decisions through psychology and economics? Behavioural science is a field that examines how humans make choices and how businesses can use this knowledge to improve customer engagement and conversion rates.
For instance, have you ever wondered why you opted for the larger popcorn at the cinema, thinking it was a more economical choice? The reason behind this is the medium popcorn, which acts as a decoy to make the large popcorn appear like a better deal. Behavioural science insights can be applied to marketing strategies to increase conversions.
Scarcity, for instance, is when something appears more appealing because it is not widely available. This makes people think it’s of better quality or exclusive, and they may feel they will miss out if they don’t get it. Marketers can use scarcity to push people into buying something or booking a flight, as seen on Booking.com, where they show how many people are looking at a particular hotel right now and how many times it has been booked in the last few hours.
Simplicity is also essential, as humans prefer simple choices over complex ones. Providing limited options and making it easy for customers to make decisions is crucial to avoid “analysis paralysis.” Research has shown that asking 3 to 6 questions can lead to a dip in the response rate by 10%.
Reciprocity is another powerful tool, as people feel obliged to give back when they receive something. Providing value upfront is necessary, and the offer must be personalized and memorable. Moz, for example, provides free learning resources and tools to educate novices on SEO, which creates a sense of reciprocity.
The Endowed Progress Effect, which provides customers with an artificial advancement towards a particular goal, can also increase the likelihood of completing the goal. Starbucks rewards program is an excellent example of this.
Pricing perception is also essential, as an experiment shows that people feel the wine tastes better as the price increases, even though they were served the same wine. Similarly, pricing can affect how customers perceive a brand, and raising prices can increase brand perception.
Incorporating tips from behavioural science can also boost conversion rates, such as feeding people before making them agreeable and more likely to buy furniture at Ikea. Providing auxiliary free items or services can also influence customers, as seen in offering free shipping.
Establishing authority for your product is also crucial, and humanizing a landing page with real pictures of real people can boost your conversion rate.
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