Black Friday: The Psychological Tricks You Need To Know
Black Friday has become a retail frenzy that began following the increased number of shoppers in the U.S. as they put Thanksgiving behind them and focused on Christmas coming!
So, as a business, is it worth all the fuss? How do businesses make it work? And why do we all inevitably end up falling for at least one Black Friday bargain?
It's actually incredibly clever. Here is how it all works, what you need to go and how you can get involved if you want to boost your pre-Christmas sales.
So, Black Friday: The Psychological Tricks You Need To Know ...let's get into it.
Black Friday sales leverage several psychological principles to attract and persuade consumers. Some of the key psychological theories at play include:
Black Friday Scarcity & FOMO
The concept of scarcity is a powerful psychological motivator. Black Friday sales often create a sense of limited availability or limited time to encourage people to make purchases quickly. Limited-time offers or deals on a limited quantity of items tap into the fear of missing out (FOMO), prompting consumers to act swiftly.
Urgency - Limited Time Only
Black Friday sales are designed to create a sense of urgency. Limited-time promotions, countdowns, and "doorbuster" deals that are only available for a few hours or until supplies last contribute to a feeling of urgency. This urgency can lead consumers to make impulsive buying decisions.
Social Proof - If you've got it, I want it
The principle of social proof suggests that people are influenced by the behaviour of others. Black Friday promotions often highlight the popularity of certain products or the number of people taking advantage of a deal. This social proof can create a bandwagon effect, where individuals are more likely to participate if they believe others are doing the same.
Anchoring - Was $$...NOW $
Anchoring is a cognitive bias where individuals rely heavily on the first piece of information encountered when making decisions. Retailers use this by displaying the original price of an item prominently, creating a reference point (anchor), and then showing the discounted price. The perceived savings can make the discounted price seem more attractive.
Reciprocity - Feeling Special
Reciprocity is the idea that people feel compelled to return a favour. Retailers may offer exclusive deals or discounts on Black Friday as a way to reciprocate for customer loyalty. This sense of receiving something extra can enhance customer satisfaction and loyalty.
Emotional Appeal - Get Story Telling
Black Friday marketing often appeals to emotions, playing on the joy of giving during the holiday season or the excitement of finding a great deal. Emotional connections can influence purchasing decisions, and retailers use storytelling and imagery to create positive associations with their brands.
Cognitive Dissonance
Cognitive dissonance occurs when individuals experience discomfort due to conflicting beliefs or attitudes. Black Friday sales can trigger cognitive dissonance by presenting seemingly contradictory ideas, such as the desire to save money versus the impulse to spend. Retailers often mitigate this discomfort by emphasising the savings and value of the deals.
Understanding these psychological principles allows retailers to craft Black Friday strategies that tap into consumer behaviours and motivations, ultimately driving sales and creating a sense of excitement and urgency among shoppers.
Will you make the most of Black Friday this year?
Millions of businesses are!
Curious about more like this? Email amy@centralmarketing.co.nz
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