It’s possibly the most obvious marketing ploy there is out there; putting something on sale! January is a month chock full of the phrases ‘buy one get one free’ and ‘half price’.
The reason sales work is the fact that they hit each and every one of us on a psychological level. It’s a little-known fact that more money is spent in the January sales than in the run up to Christmas.
Sales create a sense of competition. Often sales will have a cut-off date or, like Next, will open in the early hours of the morning. This creates a sense of urgency and the feeling that you are in danger of missing out. By implanting panic the human psyche decides that it simply must get that item before the competition does.
People also love sales because it makes them feel like, rather than spending, they are saving. Think about the last time you shopped in a sale. I think it’s a safe bet to imagine that you are able to recall how much you saved on an item but it is unlikely you remember how much you spent that day.
Fear of missing out is such a recognised anxiety, which has gained itself the widely used acronym FOMO. January sales are generally end of line items, this can trigger a FOMO reflex in people, as they know that once the item has gone there is no way of buying it. This also lessens our ability to perceive value in a product as we are so insistent on having it we do not consider if it is needed or has a good price per use behind the value.
Is your brand looking for the best way to sell its products and are looking for a marketing company who understand the thinking behind a customer’s buying process? Why not get in touch with the our award winning marketing and PR agency, Verriberri.