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Psychology Of Sales & Why Discounting Works

Psychology Of Sales & Why Discounting Works

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Psychology Of Sales & Why Discounting Works
What compels you to buy? Why do sales trigger a response to purchase? What are the psychological reasons why it's hard to resist a sale and how can you apply these principles to a service design business? Learn what a "reverse sale" is and why it works. Charge more while creating the feeling of a discount. If you're looking for some context on how to apply this, look at this video with Ben Burns: https://youtu.be/mg0V0ARv5Jw 1:22 - When should you give a discount? 4:25 - What are the exceptions when giving a discount? 5:30 - Give a discount to loyal customers 6:45 - Give a discount to a customer that buys in bulk. 8:30 - Give a discount to people who want the “early bird” special. 10:00 - Give a discount to for people who invest, and wait. 11:00 - How to use a good story to get people to buy. 12:45 - Give a discount to for people pay early. 15:15 - Why are we compelled to buy things at a discount? Anchor - 16:40 - it holds you to a spot, compare the discount price to original price Time Scarcity 19:30 - the deal is going to go away Quantity Scarcity - 21:22 - Today only! Flash offer Decision - 24:00 27:30 - What is the reverse sale concept? 38:00 - When can you use the reverse sale concept? 39:00 - Bonus Tip: How to apply this as a freelancer 40:45 - Recap 24k wood brim hats https://www.woodbrimhats.com === 👉Subscribe: https://goo.gl/F2AEbk 👉See our Academy Channel: https://goo.gl/vB9zoP Want a deeper dive? Typography, Lettering, Sales & Marketing, Social Media and The Business of Design courses available here: https://goo.gl/bRt5qd 🎙 Futur Podcast: https://thefutur.com/podcast/ ✍️ Futur Blog: https://thefutur.com/blog/ — Love the content? Become a sustaining member for $5/mo today. https://goo.gl/nwekfL BOOKLIST – [...]
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What compels you to buy? Why do sales trigger a response to purchase? What are the psychological reasons why it’s hard to resist a sale and how can you apply these principles to a service design business? Learn what a “reverse sale” is and why it works. Charge more while creating the feeling of a discount.

If you’re looking for some context on how to apply this, look at this video with Ben Burns:
https://youtu.be/mg0V0ARv5Jw

1:22 – When should you give a discount?
4:25 – What are the exceptions when giving a discount?
5:30 – Give a discount to loyal customers
6:45 – Give a discount to a customer that buys in bulk.
8:30 – Give a discount to people who want the “early bird” special.
10:00 – Give a discount to for people who invest, and wait.
11:00 – How to use a good story to get people to buy.
12:45 – Give a discount to for people pay early.
15:15 – Why are we compelled to buy things at a discount?
Anchor – 16:40 – it holds you to a spot, compare the discount price to original price
Time Scarcity 19:30 – the deal is going to go away
Quantity Scarcity – 21:22 – Today only! Flash offer
Decision – 24:00
27:30 – What is the reverse sale concept?
38:00 – When can you use the reverse sale concept?
39:00 – Bonus Tip: How to apply this as a freelancer
40:45 – Recap

24k wood brim hats
https://www.woodbrimhats.com
===
👉Subscribe: https://goo.gl/F2AEbk
👉See our Academy Channel: https://goo.gl/vB9zoP

Want a deeper dive? Typography, Lettering, Sales & Marketing, Social Media and The Business of Design courses available here:
https://goo.gl/bRt5qd

🎙 Futur Podcast: https://thefutur.com/podcast/
✍️ Futur Blog: https://thefutur.com/blog/


Love the content? Become a sustaining member for $5/mo today.
https://goo.gl/nwekfL

BOOKLIST –
Essential Reading for Creative Professionals: http://bit.ly/2UtftOb
Essential Design Books: http://bit.ly/2UtftOb

Kits & Proposals:
https://goo.gl/mSjuWQ

Visit our website:
https://www.thefutur.com

FREE resources:
https://goo.gl/Qh6gHr

Mandarin (Chinese) Subtitles on UiiUii
https://uiiiuiii.com/?s=the+futur


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c/o Chris Do
1702 Olympic Blvd.
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USA


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Host– Chris Do
Content Director– Matthew Encina
Cinematography– Mark Contreras, Stewart Schuster, Ricky Lucas, Jona Garcia
Live Editor– Jona Garcia
Editor– Stewart Schuster, Mark Contreras, Ricky Lucas, Jona Garcia
Social Team: Elle Money, Alex Burlui
Futur Theme Music – Adam Sanborne http://www.adamsanborne.com
Typefaces: Futura, DIN, Helvetica Now, Calibre, Knockout, Champion Gothic
Futur theme song— Adam Sanborne

Comments

B T says:

I got a Udemy ad at the start of the video lol

Mushky Fuchs says:

Loved this style video! It was so informative and interesting! Thanks for sharing! You guys are awesome 🙏🏻 excited for the next 2 whiteboard sessions coming out

Re Brand says:

🤓 My man! 🤜

VerveDev says:

Absolutely loved this!

Waeez says:

I was waiting for this video

Aenz Vue says:

Has anyone tried these tactics on you? From freelancers or others?

Lachlan Quintana says:

How would you want to (adjusting the business model over here), publicly or maybe not, begin to advertise a more expensive business model when we’re trying to compare and scale from your small town to a large city? Small town has small town budget, but big city has their budget which can respect other creatives prices as well? I think I phrased that right…haha

Anonymous Wolf says:

Speaking of the book, I really hope mine doesn’t come next week

Bill Angelos says:

Funny the typography one was the one I went to their site for, and I thought it was a scam that the price doubled but 20% off. I would have bought the typography at the old price. Not willing to pay the higher price even with 20% off.

John Haley says:

This is hilarious, using your own YouTube video advice to make a sale! Love the internet

Zero Alpha Designs says:

Bulk discount has been a solid one for me. Really good have three projects back 2 back

peri peri says:

I love you man

Ernest Karchmit says:

could use a little bit of kerning 😅

Amberamberamber says:

i cannot get over how helpful the time stamps are. i still watch the whole video, but the timestamps are handy to scan through what the topics covered are.. thank you i appreciate this channel so much

Nanette Mattox says:

Love the reverse concept! How about getting clients to finish up a project so I get the final payment by offering a discount? Could use the cash flow.

more Glitch says:

absolute garbage. Not sure if people see it, but this is just a 40 min ad for their black friday and cybermonday sales. Kinda shitty that you raised the price just because you "felt like it was too cheap" , not because you added more value to it.

Cecil Cross says:

Aw dang, I missed the live stream…definitely gonna put some of these into practice. Also, swiping up that new Color joint by Greg. #1bminusone

Jeric Arpon says:

That "Early Payment" strategy is amazing! Thanks for this vid.

Tech With Sean says:

Yeah but 2TB SSDs for $179… come on man! 😂

Ben Marriott says:

Great video! I'm totally going to be using the reverse sale 😀

Brian Haferkamp says:

This is a good explanation of the psychology of pricing (at least in a Western capitalist market). I'm curious: Do others around the world get manipulated using these tactics? What if we have a global audience for products and services? Does that change anything and how?

Also, shouldn't creatives be getting away from price competition and focusing on creating Purple Cows (see, Seth Godin)? Narrowing the niche–not broadening it–and charging more seems like a more profitable move for most creatives. Maybe I missed who this video was for?

Thanks again for the pricing explanation.

NateTheGreat says:

Chris this came at the riiiiiiiiiight tiiiiiiiiimeeeee

ty mcclarty says:

Fear of God's. Yes lawd!

Idea Headed says:

Mind blown. Amazing presentation Chris! Good info as always! I'll be purchasing a course eventually. I could certainly use a Typography lesson. I have a client I'm having trouble with on getting a good logo sketched out and I know it's because my typography skills are 0.

Naturally Nerdful a.k.a Krys says:

I'm going to DO THIS!!!

Naturally Nerdful a.k.a Krys says:

I love these videos! I've put on my Bell notification 🙌🏾

lvillli illlivl says:

I"m gonna tell my kids this is Qui-Gonn Jinn

Alexander Jimenez says:

Chris, I have really enjoyed your videos so I hope I didn't manage to miss one which pertains to this question. Do you have any insight into driving audience members from social media to your site? Especially if your follower count is below 10k or you are not verified so you cannot insert a direct link through avenues like the Instagram Story. Thank you!

Ricardo Sanchez says:

The shoe collaboration with Nike was made with Jerry Lorenzo (Fear of God)

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