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Psychological Techniques Used in Selling Products



Psychological Techniques Used in Selling Products

Psychology is the science of mind and behavior. It is the study of both conscious and unconscious phenomena, which also includes our feelings and thoughts. It plays a major role in human society and is considered an important factor in understanding someone or anyone.

There are so many branches under applied psychology like clinical psychology, industrial and organizational psychology, legal psychology, neuropsychology, occupational health psychology, human factors, forensic psychology, engineering psychology, school psychology, sports psychology, traffic psychology, community psychology, medical psychology, and sales psychology.

Psychological techniques are used in product selling — but do you know how to use psychology in your sales?

The customers can be grouped based on their purchasing habits. A few customers buy new products based on their impulse. The impulse category of customers can be easily convinced into buying your products.

A few customers use logic over impulse while purchasing new products.

These customers cannot be easily convinced into buying new products. You need to properly understand their needs and project your products in such a way that the customer feels that your product is essential for them. You first need to build trust with this type of customer. When they feel that your products can be trusted, they will automatically want to use them.

SEO Consultants knows the market trends and can predict the people’s mind based on what keywords they search in their search engines. They can tap into a customer’s emotions and predict the best approach to close a sale. A common mistake in sales pitches is focusing on the cost of the products instead of focusing on the customer’s needs.

Let us look into some of the sales tricks and the sales psychology involved with the business of sales.

Color, color, what color do you choose?

We all know and agree that humans are visual creatures. 90% of information transmitted to the brain is visual, and visual information is processed 60,000 times faster than any other type.

Colour has a significant impact on our behaviors, and this includes if we purchase a product. Let us see the impact of different colors on products and sales.

* Red

Red is so beautiful! It creates a sense of urgency, suitable for bulk sales that happen during peak sales seasons like annual clearance or black Friday sales. Red is associated with movement and impulse. It gets people to act and is important for crucial elements like your call-to-action button of a website.

* Green

All of the varied colors of green are associated with health, peace and nature. It is used in stores to relax customers and promote environmental awareness and products that support the environment’s growth and harmony. Green stimulates a sense of calmness in your brain and encourages decisiveness to buy a relevant product.

* Purple

Purple is commonly associated with royalty and respect. It stimulates problem-solving mechanisms as well as enhances creativity. Consequently, it is used frequently to promote beauty and anti-aging products.

* Blue

Blue brings in a sense of security and productivity. This color is one of the most favorite colors for men, usually like a royal blue color. Using this color helps create a feeling of trust. Hence, using it will help promote trust in your product.

* Yellow

It is cheerful and promotes positivity. The yellow appeals to a young target audience with ideas of happiness, excitement, and creativity and creates an urge for even window shoppers to buy the product.

* Black

It’s associated with authority, power, confidence, and strength. Black is a bit of a tricky color, but when used right, it can convey luxury, elegance, sophistication, timelessness, and maybe a hint of mystery.

* Gray

Gray symbolizes feelings of practicality and solidarity. It is clean in its approach and is used by the unparalleled leader in cutting-edge technologies.

* White

White is associated with cleanliness, purity, and safety. White is an unavoidable color. Anything that is white provides a sense of calmness. White also provides the scope for creativity.

Less is more when it comes to color.

Providing a customer with too many different options makes it harder for a customer to decide, leading to the possibility of them walking away without buying anything at all.

If your company has a variety of products, your customer might get decision-suffocation. Tweakyourbiz says that decision-suffocation can be avoided. For example, instead of promoting each and every product individually, categorize them into a common basket and promote them. Also, research your potential and be well prepared. Promote your products based on need.

Try to understand more about the prospects’ needs before dealing with them in person via call or mail. When getting a chance to talk to the customers, ensure to ask questions that will help you understand more about their requirements. This will help you understand your customer needs and strategize your product-market accordingly.

Make it hard for your customer to say no.

Even hesitant buyers won’t say no to a great opportunity. But you have to make sure to paint them a picture that they can see well enough to purchase what you are offering. You can tap into this potential by offering something they’ll miss out on if they don’t make a purchase — rather than just highlighting an added value.

A gift is all one wants

Everyone loves a gift. You can throw in some useful little gifts with your product or products to attract more buyers. When it comes to online marketing, content is an effective way for online retailers to provide value to potential customers.

Give us a story

All of us love a story and a story can easily draw attention when said in the right manner. Once we are drawn to a story, we start living it. Your marketing ideas can be spun like a story, placing the user in the center alongside the brand. The right story will help your customer to relate to the product more.

Certainly, social proof is also an important factor among your customer.

Every element of your product contributes to your brand identity. Your goal is to create a personality that your target customer will like. Sales psychology can act as a catalyst to reach your customer’s inner mind.

Bala Kumar

Hello, I’m Bala Kumar, a Certified and Performance-driven SEO consultant, and digital marketing expert. With five years of expertise, I can build scalable digital marketing strategies. My core competencies are paid marketing, PPC, SEO, SMM, Inbound marketing, Market research and analysis, Blogging and Local Search Marketing.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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