Psychology and Marketing; A Seller’s Guide to Understanding the Link
Marketing is one thing that every business owner who wants to succeed must invest in since it is the way of making your business here and now! But most companies often invest in business campaigns that fail to provide return on investment because they forget one key aspect; getting into the customer’s head as shown here. Taking the steps to understand how consumers make choices will help take your campaign to the next level. You can read more on the basic principles you need to understand below.
The concept of social proof is the most common in the market and one you should understand; if you want to customers and potential clients to switch to your brand, it is vital to understand that they are likely to do if it is a popular product or this service. If you can convince a buyer that they are getting a good deal, there is a higher chance they will buy the product regardless of the price, which is where the anchoring bias principle comes in; it is often applied to pricing.
People are more likely to want something that will not be available in the market soon or is in short supply, this is why it is imperative you understand the principle of scarcity to get the most out of your marketing campaign. Creating the sense of scarcity during a marketing campaign by running limited-time offers usually convinces customers that they are missing out on great deals, resulting in increased purchases, hence, a successful campaign.
Loss aversion principle is another you need to understand; this is all about educated the clients on the things they stand to lose if for instance, they fail to renew their free trial period or fail to take advantage of the free delivery services by showing them how much they will be paying for delivery. The principle of reciprocity in marketing psychology has been known to help in doubling the psychological effect; giving customers something for free will make them feel like they owe you, a debt that can be paid by making a purchase or providing another customer’s contact information.
Customers with only two options to choose from often spend a lot of time comparing and contrasting that sometimes they fail to buy, but through the introduction of a third which the decoy, decision making much easier and faster. Leverage the relationship between psychology and marketing is the key to boosting sales and having a successful marketing campaign. Provided on the guide above is everything on the link between psychology and marketing.