joint venture marketing
Once you have solidified your JV partnerships, you’ve only won half the battle. While attracting new customers is a key component to a successful business, another important attribute is the ability to close the sale once the customer visits your website.
To increase your odds of accomplishing this feat, you must get into the head of your potential customer to find out what motivates them to open their wallet and actually make a purchase. We have four ways to use consumer psychology to boost sales.
A customer must determine that the price is right before they are willing to buy. However, pricing is one part math and nine parts psychology. Why do you think you see so many prices set at $9.99, $99.99 or 1,999.99? This is a psychological move to keep the customer from moving to the next price threshold. Yes, your product may be just a penny under the $100 mark, but to your customer, there is a major chasm between $99 and $100.
Bulk pricing follows a similar formula, encouraging customers to buy more of your product when they perceive a savings in doing so.
It’s a fact of life: most people spend plenty of time and money trying to keep up with the Jones. They want top quality merchandise and they want it at a ridiculously low price. When you perfect the art of selling luxury at a bargain, you will increase your sales. In some cases, this may amount to educating your customer about the materials you use to build your product, or the manufacturing process it must undergo to be deemed “fit” to put on your store shelves.
Customers are often afraid to try out a new company or product because they fear failure. They worry that the products they purchase will not stack up to the value test listed above. Your JV partnership has already overcome part of that concern by linking your relatively unknown business with one that is more established. However, you can take the process a step further by providing potential customers with testimonials of previous buyers. Free samples are another good way to boost consumer confidence so they are more likely to take a chance on your business.
This is old school marketing, but it still holds true. To make a sale, you must first create a need for your customer. In many instances, this is about telling your customer the many benefits she will enjoy by purchasing your product. Your customer may not realize they can clean their bathroom in half the time or save significant time and effort in the kitchen by purchasing your product. Pitchmen are experts at this technique, and if you learn to do it properly, you can also enjoy a significant increase in sales.
JV marketing is an excellent way to attract new customers, but once you have increased traffic, you must be prepared to close the sale. With these techniques, you can transform lookers to buyers to boost sales and your bottom line.
christian fea is CEO of Synertegic, Inc. A joint venture marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
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