The biggest businesses know how to get you to spend more money. They optimize the entire customer experience around boosting their revenue and delivering strong returns for their shareholders.
Small businesses also use these strategies, and financial guru Mark Tilbury just revealed three of them. He explains some of the sneaky ways companies get you to spend more money.
"They draw you in with a low offer," he explains as one of the methods companies use.
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You can view this advice from two perspectives. If you know what businesses do, you can be a more conscious shopper and reduce how much you spend. However, if you're a business owner, you can apply these strategies to increase your earnings.
These are the three sneaky tactics Tilbury mentions in the video.
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They Hide What You Want
Many retailers put the high-demand items in the back of their stores, knowing that customers will walk around the stores to find those items. While it may sound inconvenient to walk to the back of the store to get what you want, it's done by design.
Business owners know that if you spend more time walking in their store, you may pick up some extra items that you didn't plan on buying. It's similar to how people have an idea of what they want when they go to a grocery store. However, if the thing they want is in the back of the store, they may have to walk through the snack aisle to get what they want.
Sure enough, it's common for people to walk out of the grocery store with a bunch of things they didn't plan to buy. Walking into a grocery store with a clear list can help you avoid grabbing extra food.
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Draw You In With A Lower Offer
Tilbury then mentioned that many businesses use a low-priced offer to attract potential customers. Low offers make it more feasible for someone to do business with you. Auto dealers may tout long-term loans that reduce monthly payments but result in extra interest and fees in the long run.
You can also use a lower offer to make a mid-tier price more attractive. For instance, if a small box of fries costs $4 and a large box of fries costs $5, some people may rationalize paying the extra dollar to get more fries, even if the small box of fries would have been sufficient.
Business owners can use a lower offer to get people to spend some money with them. Once a customer spends money with you, even if it's just $1, it becomes substantially easier to convert them to other products and services.
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Leaving Candy With The Check
Tilbury wraps up by saying that some restaurants leave candy with the check to incentivize patrons to give higher tips. The strategy works well for restaurants, as giving something for free may make a customer reciprocate with a higher tip.
However, this strategy can extend to any business. You can offer a free gift to your customers as a thank you for doing business with you. That gift may have a memorable impact and result in customers returning to your business and buying your products more frequently.
It's good to walk into any restaurant or store knowing how much you can afford. Some people may feel inclined to give a bigger tip, but it's important to remember what's in your checking account. Some people don't have to worry about tipping a little extra, but you shouldn't tip if it can result in an overdraft.
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