BLOG POST BY LINDSEY IMPERATORE, DIRECTOR OF MARKETING AT THE NEWS FUNNEL
The fun part about marketing is the opportunity to discover new ways to trigger emotional responses from consumers. Most marketers aren’t psychologists. But many use their creative energy to employ consumer psychology that appeals to customers and increases sales. There are millions of marketing methods you could integrate into your commercial real estate business. Here are four of the most common tactics and how you can use them to bump your business’s marketing from average to amazing.
Priming is all about conditioning the subconscious. This is the textbook example. When someone sees the word “yellow” they will recognize the word “banana” more quickly than “grass”. In real estate, priming is about controlling your context to get people to view, recognize and respond to your content, and even influencing buying behaviors.
By using subtle priming techniques you can help your website visitors remember key information about your brand and available properties. When it comes to showing a client a space, there is already a sense of trust as they recall your website, which was packed with positive words, beautiful images, a raving testimony, and a professional headshot that highlights your friendly smile. The client is basically seeing a halo over your head so it won’t be difficult convince them a property is a safe, relaxing, and beautiful space for a business.
#2. Social Proof
Amazon’s recommendations are a good example of social proof set on fire. By displaying what other people bought under each search, customers start clicking around, looking at ratings and reviews, and likely using this information when considering what product to purchase.
Social proof is what people use to help make decisions when they don’t know what decision to make. About 72 percent of consumers trust online reviews as much as personal recommendations, and 76 percent of Americans look at reviews when determining which local business to use. Add testimonials to your website. Encourage people to write reviews on Facebook, Yelp, and Google. Ask for LinkedIn recommendations. Use widgets to display how many followers you have on social profiles. It doesn’t matter how you do it, but build up trust network with plenty of online endorsements.
We live in a world where we have many options to choose from. But it seems that people always want the things that aren’t available. The scarcity principle goes back to supply and demand. The rarer the product, opportunity, or content is, the more valuable it is. This makes consumers act sooner or even purchase faster than they originally intended.
There are literally a million properties out there. So how can you successfully use scarcity to your advantage in your real estate business? It’s all about how you word it. If you frame it as if there used to be a ton of trendy retail spaces available in the city, but, because of popular demand, there are only a few left, people will be very receptive; however, if you approach it from the angle there were only a few spaces for sale to begin with, the principle won’t be so effective.
#4. Loss Aversion
The name pretty much explains exactly what the effect is. Once someone has something, they really don’t want to lose it. People are more likely to make decisions based on preventing loss than gaining so marketing has really been able to work the ropes here. One word here: Freemiums. If someone takes great delight in a trial period of say Netflix, they are faced with the time when the trial is over. And going back to your life before the free trial doesn’t really seem like much of an option anymore...How does this work in the real estate biz? Again, it’s all about the wording. Frame the potential loss, as it is a much better motivator than discussing the potential gains.
These simple principles of psychology can take your marketing to a whole new level, and you don’t even need a psych degree to do it! You are probably already doing some of these things without even knowing it. But understanding the intersection between psychology and sales will allow you to maximize your marketing mind game methods.
Need help with your social media strategy? Contact Jen@thenewsfunnel.com to learn more. We manage some of the BIGGEST brand’s social media in CRE and more importantly WE GET RESULTS.