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Psychological Tricks You Can Use to Encourage Customers to Buy

If you’re planning a start-up in Singapore, you need to come up with ways to attract more customers. Even companies that have already been established for a long time still need certain psychological tricks to influence customer behavior.

Using the power of anecdote

Simply put, people look at stories first instead of statistics. This is because stories tell of individual experiences and it’s easier for people to relate to them than looking at numbers. This is why you always see businesses feature customer reviews and testimonials. If you have a website, for example, you can share your comments of customer’s that have been satisfied with your service. This is sure to invite more potential customers since they’ve already read positive things about you.

Social proof or the bandwagon effect

This basically means a person is more likely to go with what other people are doing or in this case, buying. Today, this is easier to do because of the internet. Some businesses even use bots, for example, to gain followers in social media. Or maybe you’re an influencer and your planning to start your business. You can easily sell your products because a lot of people know you already.

Scarcity Illusion

This psychological trick takes advantage of the fact that people are more likely to buy things if they are limited. If you notice, a lot of Singaporeans line up for a product knowing that it’s limited edition no matter how long they have to wait. Airlines also use this trick when selling tickets by saying that there’s only a few left for that price. It’s quite effective especially if the products are mainly used for convenience.

Frequency illusion

Do you remember that time when you see a certain product just once, and then suddenly you’re seeing it all the time? This is called the frequency illusion or the Baader-Meinhof Phenomenon. More than anything, it’s not the business that does this but the customer’s mind itself. Once you see something, you’re twice as likely to notice it again. That’s called the mind’s selective attention. Once a company introduces a product, they just leave it at that and let your mind do all the noticing.

Loss Aversion

Loss aversion is basically centered around a consumer feeling good about gaining something while also feeling bad about losing it. This is exactly why companies do free trials! Because you get a taste of their service or product, it will be harder for you to let it go once the free trial ends. That’s why you’ll be tempted to just go for the purchase. This is actually one of the most effective and widely-used tricks to influence customer behavior.


5 Ways to Efficiently Utilize Your Finances as an Entrepreneur

 

Nowadays, it’s hard to manage our finances especially when we are preoccupied with other important things like our work or business. It wouldn’t be too difficult though if we only know how to manage it efficiently. Many successful financial gurus and entrepreneurs from Singapore suggest that you follow these ways in order to boost your financial status up to the maximum as well as manage your business finances efficiently.

  1. Build or find a need for your market

It’s really important that you understand your market well enough to know what things they possibly need in their lives. If you can decipher that, then you can offer them something new or something that they didn’t even knew they needed. That’s the secret of entrepreneurs, even decades ago. If you can target that want and need, then you can most certainly build up your sales, services as well as your finances.

  1. Loans and Investment offers are not always the answer

While it seems to be a great opportunity to be offered by banks or other business owners to invest and loan you money for further development, it is not always helpful for your business. You need to understand that if you believe in your product or services, it takes time to build it. Short-term funding from these investors can help you for a while but if all else fails in the future; you’ll be under a great deal of trouble if you availed their help. Be patient in handling your business and finances and in time it will surely grow.

  1. Be socially responsible

Entrepreneurs and their businesses are indeed admirable if they engage into social responsibilities. Don’t forget to help other people especially if you are already successful with your business or work. When you give to others, a thousand fold will be given back to you in return. So, remember to lend a helping hand or offer a certain percentage from your finances.

  1. Look for Local Suppliers

If you want to reduce your costs and improve your finances, then you must look for local suppliers of your products or business. You need to be resourceful, creative and efficient. Ordering from international suppliers can take time and additional costs especially if they are not directly manufacturing the supplies that you need. You have to learn to budget your finances in order for it to grow in the long run.

  1. Love whatever it is you are doing

It is highly encouraged by entrepreneurs that you should love your job or your business in order to fully succeed. You need to love handling your finances, go through transactions day in and day out, etc. If you learn to master your niche and love the things that go with it, then you can become an efficient entrepreneur in the near future.


Looking into Singapore’s Richness

 

Many indexes claim that Singapore is one of the richest countries in the world. The International Monetary Fund for example listed us as world’s third richest countries next to Qatar and Luxembourg. The indicator of how rich a country depends on their Gross Domestic Product (GDP). Our GDP per capita (total output of Singapore divided by our population) is US$61, 657.28.

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Being hailed as one of the richest countries in the world benefitted us. We have to know that the median income of workers here is S$45, 240. The government stresses the importance of our greatest resource – our people. Knowing this, we should expect that this ‘greatest resource’ to be compensated more compared to other countries that have numerous resources to depend on like Qatar that drips with oil or Luxembourg as a tax haven.

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Despite being one of the richest countries in the world, we still see income inequalities or disparities. Those that are rich became richer but those who worked hard are having difficulties in securing a home. Many struggling people here wake up every day to see expensive home prices, stagnating wages and high inflation rates.

The government is not blind of the struggles of ordinary people and that is good news for us. The government is doing their best to improve the lives of everyone. The good thing is that the statistics of the country has improved but we need to sustain it if not exceed it. However, the effort of the government should be increased so we will see the narrowing of income inequalities or disparities.

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