Ever wonder why we do the things we do? Mostly, it’s thanks to certain psychological truths that make human behavior predictable. When you gain an understanding of these basic truths about humans – your property management customers in particular – you can improve the quality and performance of your marketing. Let’s examine three basic psychological concepts that, when harnessed, have the potential to boost your conversion rates and your bottom line.
As humans, when we see something that we like, we tend to emulate it. Why else would the celebrity influencer market be so big? Their testimonials act as instant social proof, encouraging others to follow suit. When we make purchasing decisions, we tend to copy not only celebrities, but also our friends, family, co-workers and sometimes even online strangers.
If you are looking to improve the quality of marketing for your property management services, focusing on this psychological truth can be highly effective. In fact, a recent poll by Nielsen revealed that 82% of people seek recommendations from others when considering paying for a product or service. Seeking advice and guidance when purchasing is human nature.
Here are a few ways you can leverage the power of social proof for your own marketing purposes:
- Include testimonials of satisfied clients on your website
- Incorporate social share counts to demonstrate trust
- Share reviews and testimonials from media
- Use internal metrics (e.g. “78% of our clients have used this service”)
- Leverage review counts and/or star ratings
- Showcase awards and accolades
The more you can provide proof that others love your property management services, the better it will be for your company.
When making a purchase – whether it’s buying a product or hiring a property management company – it can feel overwhelming to some people. Breaking that major purchase down into smaller “micro commitments” can seem much less threatening. This is pretty much the concept behind lead nurturing.
By engaging with your clients at multiple touch points and guiding them through a series of smaller, easier commitments, such as collecting their email addresses in exchange for an eBook, you’ll slowly but surely gain their trust and build a relationship. That way, when they’re ready to take the final step, it’ll be your company they turn to.
Humans have been tuned in to scarcity since primitive times. Back then, the basics necessities, like water and food, weren’t always readily available and our ancestors had to store them in order to survive. Today, most of us have our basic needs met, yet subconsciously, scarcity can still play a role in our purchasing decisions.
From a marketing perspective, scarcity can be a very powerful motivator. For instance, when a prospect is allowed ample time to mull over whether or not to use your property management services, they may or may not pull the trigger. If you extend an offer that has a time limit, however, that same client is more likely to jump in due to fear of missing out.
You can use scarcity in your own marketing by offering your services or a package of services at a special reduced rate for a limited time only. This shortened amount of time can dramatically improve conversion rates. Just be careful not to overdo it. If you use artificial scarcity too frequently or forcibly, the customer can end up feeling taken advantage of.
If your property management marketing could stand to improve, it may be worthwhile to assess how your approach appeals to the three psychological truths above. The more effort you put into understanding how your customers think and behave, the more you can tailor your marketing to better fit their needs.