Understand Your Buyer > How To Convert > The Buy More Effect
What is it?
You can encourage buyers to buy more by rewarding them for the more that they spend.
Why does it work?
It works for a number of reasons. Firstly, because we love to get a good deal when we buy things and if we buy more we get more which is attractive. Secondly it’s a variation of the In for a Penny Effect where once we have decided to buy it’s easier to decide to buy more – especially as it’s being rewarded.
How can you use it?
Depending on your offering, think about how you could incentivise buyers to buy more – would it be to give them money off, extra points or extra “stuff”. Create a reward for buying more, set the parameters of how much “more” is and experiment.
10 alternative ways to discount your offering:
- First purchase– Discount the first purchase a buyer makes with you.
- Follow up offer – Follow up those who didn’t buy with an incentive.
- Cashback – Don’t discount, but provide cash back to those who pay full price.
- Themed Sale – Create an event or reason to hold a sale.
- Price Match – Offer to match the genuine price of a competitor.
- Buy more – Incentivise buyers to spend more with ascending discounts.
- Free gift- Offer a free gift with purchase.
- Early bird – Offer a discount for those who buy/pay in advance.
- Flash Sale – Hold a flash sale
- Budget version -create a naturally cheaper version of your offering to appeal to lower spending buyers.