Choice overload is what happens when we’re faced with more possibilities than we can easily comprehend. There are many side-effects that you’ll experience if your customers face choice overload. Each having an undesirable impact on your sales. Reducing complexity and narrowing choice can boost your revenues by 5-40%.
Telecom providers are facing fierce competition as they try to grow their customer base. The result are price wars that cannot be the holy grail of profitability. To be able to attract the segment of less price sensitive consumers who value services and the experience, it's all about keeping it simple. Find out how.
If there’s one subject marketers must study, other than marketing of course, it to be psychology (or social psychology to be more precise). Marketing is all about understanding consumers’ psychology - how they make their purchase decisions, how you can influence it, and how to get their attention. Psychology can explain why a particular marketing tactic worked out or fell short.
Check out this customer - sales assistant conversation in a shoe store: [jumbotron] Sales assistant - “Welcome, can I help you?” Customer - “Just looking for a pair of shoes” The sales assistant wanders off and returns with a stack of shoe boxes Sales assistant - “Have a look at these dress boots, made of quality leather.
The conversion rate (CR) at ecommerce stores rarely goes beyond the average 1.5% or 2%. That’s just 1 or 2 sales out of 100 visitors.
Just last year, US consumers spent a whopping $781 billion on Christmas gifts, and almost half of these purchases were made online (45% to be precise). The numbers weren’t different in other parts of the world, for instance in UK, where a record amount of online sales were made in Christmas Season, with 1 in 5 non-food items being purchased online. Yes, it’s that time of the year again.
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