Updated: 11/23/2012 6:48 AM KSTP.com By: Nick Winkler
Revealing the tactics, tricks, and secrets marketers use to get you to spend.
Black Friday kicks off the start of the holiday shopping season and the war for your wallet has never been more intense.
Marketers use a variety of techniques to influence consumer purchasing decisions. Below are three common tactics;
1. Context Effects- it happens when a marketer initially exposes a consumer to a relatively expensive item and but then offers other less expensive options with the goal of making customers feel as if they are getting a deal.
2. Strategic Pricing- happens when marketers manipulate discounts. More specifically, marketers tell us retailers will experiment with different types of discounts designed to get consumers to buy while never actually lowering the price of the item.
3. Scarcity- this technique is what draws consumers on Black Friday. It is designed to transfer a feeling of loss to consumers who miss out on a specific deal. Academics say people dislike losses much more than they enjoy large gains and thus often behave accordingly.
Additionally, marketers say you can avoid paying more for items than you normally would by not shopping drunk, tired, or with a significant other.