A key part of being a marketer is understanding how or why people think and act the way they do. It's much harder to make a compelling marketing strategy when you don't know why would it be appealing to your audience in the first place. Understanding some of the key principles of psychology can take your marketing from low to high, all because the right audience is reading and converting on it. To help you attract, convince, and convert more people with your marketing, these psychological facts may come in handy.
The Baader- Meinhof phenomenon
Priming is a process where exposure to one stimulus influences a response to a subsequent stimulus, without conscious guidance or intention. For example, the word king is recognized more quickly following the word queen, than following the word green apple. Priming is an important mechanism, deeply engraved in mind. It impacts your customer’s thought process and their following behavior and it becomes an important factor in marketing.
If someone does something for you, naturally you would want to return the gesture. If you have ever got a candy (freebee) with your bill at a restaurant, you have been the victim of reciprocity. It's just a psychological bait for you to visit again. It's one of the many casual marketing strategies out there.
3. Decoy effect.
You would often see this psychological effect in pricing models. One price point is intentionally included to entice you to choose the most expensive option split test your pricing model between 3 price points. Here consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated.
4. Social Proof
The theory that people will adopt the beliefs or actions of a group of people they like or trust. In other words, it's like ' follow the herd' effect. Use social proof pop-ups on your website, when someone buys a product. Social media marketing is an excellent example of this psychology.
Ever gone to buy airline tickets and seen a tagline that says "only 3 seats left at this price"? This goes back to the simple formula of supply vs demand. The more rare the opportunity, content, and product is, the more valuable it is. Add a 'stock count' your product page today as apart of the application of this effect.
People base decisions on the first piece of information they receive. For example, my favorite store typically retails jeans for ₹2500, but if I find them on sale for ₹1500, I would be ecstatic. Clearly state the initial price of the product (this is setting the anchor) and then display the sale price, right next to it. Anchoring works well in marketing.
7. Baader- Meinhof phenomenon
Ever heard of a product and then start seeing it everywhere you look? It starts happening after you encounter something for the first time and then you start noticing it popping up in everyday life. For marketers, this phenomenon is precisely why nurturing is incredibly important.
Most people can only remember seven pieces of information at a time. So how can you design and lay out your content to increase memory retention?
A way to do it is by grouping similar topics together for better retention. So that they can remember you or your brand.
Psychology plays a vital role in marketing and sales. How a client thinks and behaves matters for each business entity. Implement them and let us know your experiences in the comments below.