Business Traps
Business traps are good for businessmen but they are not necessarily good for consumers.
The awareness of business traps can be profitable for both businessmen and consumers.
By knowing the business traps, there can be creative ways to lure customers.
On the other hand, a consumer who is fully aware of business traps can avoid those gimmicks that propel one to empty his pocket.
Limited stock or edition
When a lady notices a handbag that she likes but she finds out how expensive it is, she may give up the idea.
When the salesperson highlights that it is limited edition or it is the last one, the urge of buying increases.
Salesperson must always have the attitude that there are other customers that would buy it even if she does not.
By avoiding pushing, the fear of regrets due to the strong desire for the handbag may increase drastically.
There is a high chance for this lady to purchase it.
Nevertheless, wise consumers may just need to search through different online stores to find the same or similar product that can be more than 10 times cheaper.
The fake buyer
I believe many of us have seen on movies or shows that someone decides to buy the same item that you are pondering to buy.
When it is the only one left, our fear of losing the chance to get it may propel us to get it immediately.
We would indicate that we have already spotted the item before the other customer.
This may just be another effective psychological business strategy that most businesses can adopt to market their service or product.
By having buyer for the same product or service, the fear of losing would help to gain the business.
As customers or investors, we must stay calm and analyse the worth of the item or service without letting the fake external signals fool us.
Some of these signals may be fake news to promote their sales.
Free is not free
There are many businesses that offer to give us free things by getting us to listen to their presentation or demonstrate their products to us.
The free item acts like a bait just to lure us into listening to their sales talk.
By listening to the tempting presentation, we may end up spending more than the free item given.
This is using greed of human nature. The fact that nothing is free since we give our time to listen to the presentation so we are giving up our time and the worst thing is we end up being convinced to invest or buy the service or product.
As consumers, we must remind ourselves that the free item is not really free and we may lose more than we gain in the end.
Lucky draw
One of the common business traps to get people to buy or invest more when there is a chance to win in a lucky draw.
The grand prize can even be a car or a million dollar.
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Very often, the marketing strategy is the more we buy, the higher the chance to win.
When most consumers have the same thought, there would be high profit with just a small percentage used for the prize.
We can imagine that out of the few million customers, there is only one winner.
In conclusion
As businessmen, we must find ways to know how to manipulate these business traps to gain profit for our companies.
As consumers, we may not necessarily have the willpower to avoid these traps as they may be too tempting so we may still jump into it.
When we cannot withstand the temptation, the best way is not to have an opening for even an introduction or presentation.
There are so many psychological wars between the sellers and buyers.
By knowing these business traps, we can handle these traps more effectively and discretely regardless of being the sellers or buyers.
Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth. By reading this post, you acknowledge and accept that. All images and pictures were taken from google images that are free from copyright under labelled for reuse.
Posted from my blog with SteemPress : http://fun2learn.vornix.blog/2019/02/07/business-traps/
This is really good. i have fallen for quite a few of these traps at some point or the other. Thanks so much for sharing. Do use the bigwaves tag sometimes, cheers!
#Bigwaves
Thank you for your encouragement! I would need to explore the use of bigwaves tag.
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