Lead conversion is an integral part of the sales process, but it’s difficult to discern why some leads convert into customers while others don’t. While there are many factors to consider, understanding the psychology behind what influences consumer behavior which includes their decision-making process, can help businesses increase the likelihood of converting leads into customers.
The Role Of Emotions In Lead Conversions
Psychologists took a look at several years of studies and came to the conclusion that, “emotions powerfully, predictably, and pervasively influence decision-making.” When people are buying something or paying for a service, their feelings at that time, combined with how the product or service makes them feel, will be a critical influencer on their end decision. For example, if a product evokes emotions such as happiness or excitement, they’re more likely to be interested in it. Conversely, if a product evokes negative emotions such as fear or anxiety, people are less likely to be interested.
It is important to note that the purpose of the purchase is also a factor. In the previous example, a product that provokes negative emotions would be preferable if the purpose is for something like home defense, where you don’t want it to evoke happiness or excitement in the intruders.
Knowing this, in order to increase the likelihood of converting leads, it’s important to create an emotional connection with your audience. This can be done through the diction and imagery used in ads, as well as through your brand experience. Connecting with your leads emotionally increases the chances of conversion into an actual customers.
The Impact Of Trust And Credibility On Lead Conversion
Trust and credibility are also important factors in lead conversion. When people consider making a purchase, it’s imperative that they know whether the company or seller that they’re buying from is trustworthy. This also involves the trust people have in the quality of the product or service, as well as the trust in the company or seller’s ability to deliver on their promises.
One way to build trust and credibility with leads is through the use of social proof. Social proof, as defined by Dr. Robert Cialdini, is “one way that individuals determine appropriate behavior for themselves in a situation is to examine the behavior of others there, especially similar others.” This can include customer reviews, testimonials, and case studies, which all show potential customers that others have had positive experiences with the business in question. Transparency is also crucial in building trust and credibility. Being open and honest with leads, specifically when asked questions, can increase the chance of converting them into customers.
The Influence Of Cognitive Biases On Lead Conversion
Cognitive bias is “a systematic thought process caused by the tendency of the human brain to simplify information processing through a filter of personal experience and preferences.” Basically, it’s your brain taking a shortcut to analyze input and give you a plan of action based on old information. These biases can influence the decision-making process of people without them even knowing. Some common examples of these cognitive biases that affect lead conversion include the sunk cost bias, the status quo bias, and the anchoring bias.
To overcome these biases and increase the chances of converting a lead, it’s important to be aware of their existence and to use strategies to counter them. These may include presenting information that is clear and explains the benefits of a product or service, as well as addressing any concerns or objections that may arise.
The Wrap Up
Understanding the psychological variables that influence lead conversion can be an integral tool for businesses looking to increase their sales numbers. By creating an emotional connection with your leads, building up that trust and credibility, and being aware of cognitive biases that may help or hinder your conversion rates, you can increase your chances of turning leads into customers.