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One of the most challenging aspects of being a marketer is human behavior prediction.
How is a marketer supposed to predict accurately the behaviors of two completely different persons?
This has been a popular question amongst many marketers for many years now, and different strategies have been adopted in addressing this issue.
One of the most common techniques is the “buyer personas,” which involves human (consumers) categorization based on various generalizations and assumptions.
For obvious reasons, this technique isn’t always a guarantee of success.
However, there is one thing consumers have in common – the brain, which is a component that works the same way in every human.
But, in order to effectively take advantage of this, one needs a proper marketing psychology study, as well as some psychological tips for effective marketing.
1. The Decoy effect
We all see this psychological trick in action every day.
From our local supermarket to McDonald’s, virtually all brands use this pricing strategy.
The decoy effect is a practice whereby a brand offers consumers a less desirable option – the decoy – to make them believe that they are getting the best value for their money.
The decoy is usually a third option in a set of alternatives, and it is often the most expensive alternative.
Try the decoy effect for your products today!
2. Loss Aversion
This is the theory that consumers would much rather avoid a potential loss than gain something.
In fact, research shows that the pain of a loss is twice as intense as the reward felt from a profit.
Brands can put this psychological tip into practice in various creative ways.
One way is by framing your promotions and offers. Rather than gifting your customers a voucher that is worth $15, you can offer them a gift voucher that allows them to save %15 on their next purchase.
3. The Scarcity Illusion
For some reasons that are yet unproven, humans tend to show more appreciation and desire for things when they are available in limited quantities.
Ever wondered why many brands often put up time-incentivized calls-to-action on their stores and websites, such as “5 left in stock, buy now to avoid missing out?”
Because they understand how much people hate to miss out on things that could have been theirs.
An excellent example of this in action is when you are searching the internet, and you come across a particular bag you’ve always dreamt of buying, only to find out that there are just two more in stock.
Chances are you will want to purchase the bag as soon as possible before it sells out.
4. The Framing Effect
This is the theory that the way you frame your products and services and the words you use have a direct impact on consumers’ purchasing decisions.
Framing and portraying your content in a very positive way that makes it seem more appealing is definitely going to influence your consumers into buying your products.
In the business world, you can use the framing effect to make your products or services more desirable.
5. Social Influence
There is a widespread belief that people are generally influenced by their peers, friends, and colleagues.
The TV Series “Game of Thrones” is a perfect example of effective social influence.
This wildly popular show had over 19 million viewers worldwide in its final season.
The first time I saw an advert about this show, I didn’t really notice, but as I began to read more about it in the media, and noticed that quite a lot of my colleagues were watching it, I finally caved in.
6. The Exposure Theory
The mere exposure theory is a psychological trick that plays on the minds of consumers.
This theory is a psychological occurrence whereby consumers develop a preference for a product simply because they are familiar with it.
In the marketing world, this is referred to as “Marketing to the subconscious mind.”
Online and offline paid advertising is one of the best examples of the exposure theory.
Brands investing in ad campaigns across a wide variety of different marketing channels tend to achieve more success than brands using single-channel ad campaigns.
Your audience is more likely going to be exposed to your brand if they see your advertisements frequently on various platforms like TV, radio, newsletters, emails, and so on.