Thursday, 28 October 2021

Marketing Tricks #11 - Fully refundable deposit

"Make a deposit of RM500 today, and we will reserve a unit for you for 1 week. If you change your mind later, we will fully refund your deposit." 

When you pay that deposit, psychologically you have started the buying process, and you will have an urge to see it through. The deposit creates a commitment mentality. The "fully refundable" part makes the offer very inviting. 

What to do with this information: 

When you are a buyer, recognise these tricks and don't let them affect you making the right decision. Don't hate marketers. It is their job to help sellers connect to their target audience. As a buyer it is your responsibility to understand the product and whether it fits you. 

When you are a seller, this is a trick you can use. No matter how well you market, you must still have a good product if you want to stay in business. Do right by your customers. 

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