There are many different ways businesses get you to spend more money, and every way is to their benefit. While the premise of how businesses can describe why they want your money sound generous and in your favor, the key that a customer needs to remember is that all businesses are there to generate profit. Below is a list of some sneaky tactics businesses use to get you to spend more money.
1. Fees with Different Names
Have you ever heard of a “startup” fee or a “processing” fee? They’re simply sneaky names to get you to spend more money on the business. Why would a business need a “startup” fee from you when you are already about to pay them for a service to get started? Also, why does there need to be a “processing” fee? What exactly is that fee for? You would be very surprised at how negotiable businesses are when you call them out on these fees because there is no practical reason for them to be there.
2. They Use Charity to Bait You In
While some businesses have strong ethics and truly want to help out charities in need, there are sneaky businesses that know you will be baited to spend more money on them as soon as you hear that they are donating money. They only hold these events because they know that they will generate a higher profit for holding a charity event. If you are interested in donating to charity, make sure to ask the business what percentage will be donated. If the business event seems sneaky but you still want to give your money to the charity, donate to the charity directly and skip the business event.
3. Their Salesman Force You in “Yes” Sentences
If a salesman asks you questions where the answer is obviously “yes,” watch out! This is a business tactic that can be manipulative in getting you to say “yes” to a product or service that you may or may not want. The psychology of this tactic is that if you say the word “yes” twenty to twenty five times, you will likely say “yes” to buying the product. If you notice this is happening, stand back for a minute and take a look at exactly what product or service that is being sold to you.
4. You’re Offered A Chance to Win Big Money
“Fill out this ticket for a chance to win $1,000!” “Buy our candy bar for a chance to win $1,000,000!” These tactics are no different than playing the lottery and they are created to generate much more money than they offer. Every business knows what they’re doing and they won’t tell you how low your chances are to actually win the prize. If you can ask someone about the drawing, see if they will actually tell you your odds of winning. If they claim they don’t know, they’re lying because all drawings have a goal number of buy-ins!
5. The Deal Is Gone At the End of the Month
“Make sure to jump on this deal today before the sale ends this month!” Big businesses use this tactic to put pressure on you to buy quickly and will actually end their sales at the end of the month if you don’t commit. However, small businesses will always take your money even if it’s past the deadline. As long as you know that the pressure is only there to try to squeeze you out of your hard earned dollars faster than you would like to, you will have command of the situation and can pay on your terms.
There are many other sneaky tactics that businesses use to get your money. Make sure to always try to see the angles businesses push on you and you will save enormously over your life span.
Elijah Nunley is a marketing consultant and guest author at Top Marketing Schools, a site with information, resources and guides on schools for the best marketing degrees.