Summary of "21 Psyc-Tips to Increase Sales (with Nick Kolenda)"

Summary

In the video titled "21 Psyc-Tips to Increase Sales," Nick Kolenda shares various psychology-inspired strategies to enhance sales performance. His insights stem from his background in understanding human psychology and its applications in marketing. Here are the main strategies and principles discussed:

Simplifying Choices: Limit options to four or fewer to avoid overwhelming customers.
Divisible Pricing: Set prices that are easily divisible by quantity to facilitate easier purchasing decisions.
In-App Payments: Allow customers to use their in-app balance for purchases to reduce the psychological pain of spending.
Present Tense Language: Use present tense when describing services to enhance perceived value.
Remove Human Images: Exclude humans from product images to avoid negative associations and improve sales.
Font Size and Currency Symbols: Use smaller font sizes for prices and remove currency symbols to make prices appear less intimidating.
Visual Contrast: Ensure sale prices look visually different from original prices to emphasize discounts.
Urgency with Italics: Use italics in marketing copy to create a sense of urgency and action.
Momentum Effect: Highlight products that show upward movement in rankings to create a perception of value.
Avoid Meaningless Claims: Refrain from using absolute terms like "100%" as they can trigger skepticism and resistance.

Limit Options: Show four or fewer choices.
Set Divisible Prices: Price items in a way that makes it easy to calculate unit costs.
Use Present Tense: Describe services in ongoing action.
Remove Humans from Images: Avoid including people in product visuals.
Adjust Font and Symbols: Use smaller font sizes and remove currency symbols from pricing.
Create Visual Contrast: Differentiate sale prices from original prices visually.
Utilize Italics for Urgency: Apply italics to important calls to action.
Highlight Positive Movement: Focus on items that are improving in rank rather than declining.
Avoid Overly Absolute Claims: Use relative comparisons instead of absolute claims to maintain credibility.