5 ways to convince people to spend money

I recently got thinking about some of the ways we’re persuaded to spend money. Sometimes it’s things we planned to buy anyway but other times it’s things we actually had no intention of getting or stuff we just don’t need.

Tell them it’s limited edition

If something won’t be around for long they’re more likely to buy it because they don’t want to miss out. In many cases we’d actually rather take the risk and buy it, than not buy it and potentially regret it.

Make then feel like it’s something exclusive

Exclusivity makes people feel special. Similarly to when something is limited edition, when something is or feels exclusive people want it more. It could be as simple as having a special link to a product that you provide to those who sign up to your newsletter. Or it could also be something incredibly expensive that only the wealthy can afford it.

Let them know that it’s worth the cost

When you highlight that something is great value people want to buy it because it seems like it’s worth it. Maybe you highlight where a particular fabric was grown, the treatment of the workers, the minimal environmental impact or how long the product could last. The value that is focused on and highlighted will depend on the type of customer you’re trying to attract.

Let them know that it’s more than worth the cost

This method works well when you’re providing a service but can also apply to certain physical products. There are many things that we purchase that come with secondary value. It could be a cooking class that is worth it because you’re learning a new skill. It becomes more than worth the cost when now you’re more confident to host your friends and family because you now you know your way around the kitchen. It could also be a digital course where what you teach will allow small business owners to attract more repeat customers which will improve their profits.

Make them think it will improve their life

If you play into ideas of what people think is good for them then they’re more likely to buy from you. This is very rampant in the wellness industry but also in fashion. Many people buy items like bags because of signals they want to send and the way they want to be perceived. Going back to wellness, if you can sell someone something that is supposed to be good for them in some way, they’ll feel good even before they’ve used or consumed it. People are often aware if this which is what drives them to buy the thing in the first place.

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