7 Psychological hacks that are so effective customers will line up to pay you

Behavioral Psychology: 7 Psychological hacks that are so effective customers will line up to pay you:

1. Anchoring Bias: users rely heavily on the first piece of information they see. Actionable insight: Start with the highest first in your pricing.

• Example: Tinder uses the highest price to influence our buying decision.

2.  Hick's Law: More options lead to harder decisions. 

• Find an area where you have a lot of options and then try to reduce them.
• Removing your header and footer nav in your checkout flow may lift your conversion rate by 28%
• Example: Instapage just has a primary call to action

3. Nudge

• Subtle hints can affect user's decisions.
• Small clues or context changes can encourage users to make a certain decision without forcing them
• Actionable Insight: Use harmless nudges to sell more.
• Example: Amazon focuses 1/3 of the screen to push for subscriptions

4. Social proof with the recency effect

• Users adapt their behaviours based on what others do.
• Example: Basecamp shares how many folks signed last week.

5. Positivity scarcity

• People want more of those things they can have less of.
• Uber eats found the right angle: Using a real limited resource (timings of delivery) they are convincing new users to share the same restaurants as past users.

6. Reduce cognitive load

• Cognitive load is concerned with how much the brain can do at any one time.
• Actionable insight: Reduce friction for prospects.
• Synthesis payment checkout flow had too much cognitive load. We moved to Typeform. It increased our conversion from 24% to 40%

7. Zeigarnik Effect

• People remember incomplete tasks better than completed ones.
• Duologin shows incomplete tasks to finish.
• Actionable insight: Use checklists, progress bar and gamification to push to convert more customers.