This is the first of a six-part series on the psychological factors behind brand loyalty and how it affects purchasing habits.
We are in the business of making money, right? That’s what we do. We help businesses and organizations increase dollars. But how do we do that? There is a much deeper approach to influencing your customers and increasing sales. This report by Tom Polanski discusses the 6 psychological triggers.
Reciprocity. The principle of reciprocity is feeling the need to give back when someone has given to you. If a customer has made a sale, why not reward them with something? The Ritz Carlton offers a credit card to its privileged customers, and with that card, customers have the opportunity to shop at places like Bergdorf Goodman and Neiman Marcus. According to The Ritz, “Our relationships with these prominent names will allow you to leverage your membership benefits as you travel with us throughout the world.” Not too bad.
Popular footwear brand Toms provides customers with a sense of good will. For every pair of shoes or eyewear purchased, their One for One® program donates an item to a child in need. Many children around the world are unable to attend school because they don’t have the appropriate footwear, and not wearing shoes in these countries also increases the risk of illness and physical injury. By giving this incentive to their customers, Toms not only helps boost sales and consumer loyalty, but they are also helping others make a difference. And that makes me feel a tad less guilty about shopping. Win-win!
If you’re a shopaholic like I am, you’ve more than likely encountered one of these incentives. Many online retailers now give their consumers the gift of content. Have you ever gone to a site and had to complete a questionnaire? Whether it be men’s watches, women’s shoes or luxury vehicles, you answer these questions and in return, you only get content that adheres to your personality and specific tastes. These recommendations make the consumer feel more secure in shopping with these companies, and guarantees that with each visit they’ll find something that satisfies their unique interest (and will hopefully bring them back for more).