Psychology is a discipline that deals with human mind and behaviour. Since the business of buying and selling has a lot to do with human mind and behaviour, savvy entrepreneurs borrow heavily from psychology in advancing entrepreneurial ventures.
One of the most commonly used principles of psychology either by design or default is the law of reciprocity. If you have ever felt a strong persuasion to help someone who has helped you before, sometimes going out of your way or even at the expense of others who deserve your help better, then you have been influenced by this law.
Basically, the law of reciprocity says that when someone does something nice for you, you will have a deep-rooted psychological urge to do the same.
As a matter of fact, you feel obliged to do to the person better than they did to you. Thus from an entrepreneurial point of view, doing good to others is a form of investment where you get more than you input.
There are two types of reciprocation: material/ financial and emotional reciprocation.
Most people focus on the former and ignore the latter which is even more powerful and easy to execute in business.
Material or financial reciprocation is when you do something physical such as helping a person in need, giving a person a gift, a sample of your product, free lunch or money.
Emotional reciprocation is where you make people feel good through exceptional service, showing value and appreciation or simply making the other person feel important and genuinely loved.
The law of reciprocation is so powerful that if used well, can turn round even an ailing business. It is a powerful unique selling proposition on its own right.
Develop a strategy of treating your customers and prospect well. Value your customers more than their money and they will release their purse to you.
Take time to stay in touch always, not only when interested in their order or cheque. Drop them an email or Whatsapp message, call to find out how they are doing, contribute or attend their functions and they will feel oblidged to reciprocate.
Remember the law of reciprocity is deeply rooted in the psychological need to be even with others.
If you mistreat others they will do the same to you and get alternatives.