Psychology 101: Why Live Selling Works
In the history of selling, live selling online is unique. While livestream-selling events incorporate traditional sales basics, they also turn them inside out, so the experience is a fresh take on the traditional buyer-to-seller transaction.
Live selling is ideal for Direct Selling Organizations (DSOs), enabling representatives to engage and interact with potential buyers – in larger numbers than in-person events. More importantly, live selling makes shopping easy for busy buyers – sign in, click, and buy!
But convenience and ease aren’t the only reasons why live selling is fast becoming the go-to channel for multi-level marketers. Psychology plays a central role in why live selling works.
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Live selling takes the old-school idea of a “today-only” sale to the next level. Items are featured. The quantity available is communicated. Participants see other shoppers commenting and taking action online. Then, it’s time to move on to the next item. When you put all these elements together, there’s a sense of urgency that helps push people out of “just-looking” mode into purchase mode.
The sense of urgency creates a feeling of anticipated regret among potential buyers. At the core of all decisions lies a simple truth: Decisions are driven by the pursuit of happiness or the avoidance of unhappiness – or both! During a live event, the buying decision process is accelerated, with shoppers relying more on their emotions than analysis. When the clock is ticking, your buyers don’t want to regret not taking action, which makes an in-the-moment, click-to-purchase decision more likely. In other words, it’s FOMO – fear of missing out – at its finest.
Related: Go Live! 3 Ways Wayroo Will Transform Your Live Selling Events
Winner take all
For most live selling events, the available quantities are set. Not only does that help create urgency, but it also automatically sparks a little friendly competition among shoppers.
Savvy direct selling representatives know exactly how to get potential buyers’ competitive juices flowing. First, they make it known how desirable the item is and that the availability is limited. When you add in compelling descriptions, real-life stories about the value, and live interactions with online buyers as they purchase, it makes it easy for other shoppers to envision owning the product. Then, as sales click through and the available quantity depletes, they see the item as theirs and the other shoppers as the competition. Sold!
Successful online events go beyond the transactional to create a feeling of camaraderie among participants. Done well, a live selling event retains the sense of community of an in-person event, giving shoppers a shared experience with others with similar interests.
The essential element to building a strong community is the commitment of the representative. It’s less about being a slick, on-camera presenter, and much more about being a genuine ambassador for the products and demonstrating an authentic interest in what the customers care about. Representatives who treat the online interactions the same as they would a one-to-one conversation are able to build a loyal client base. Live shout-outs to returning customers, examples, and demos that ring true to the audience, and a little humor are the skills that enable representatives to build long-lasting relationships with customers they may never meet face-to-face.
With built-in ease, convenience, and psychological sales advantages, make sure you’re helping your representatives optimize live selling. Take a look at Wayroo’s livestream selling capabilities that deliver a QVC-like experience where customers can join a live event, comment, and buy – all without leaving the event. For more details, contact us for a demo.