Psychology and Marketing; A Seller’s Guide to Understanding the Link
Running an efficient marketing campaign is the easiest way of making your business and the things you deal in know to the customers and potential clients you are targeting now and in the future. If you want to succeed in marketing like discussed on this site, getting into the customer’s head should be your biggest concern. By exploring the link between psychology and marketing to understand why people make the choices they do, you are coming closer to having a successful campaign as shown on the homepage. 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. Anchoring bias is the next psychological principle you should take advantage of to increase sales; because clients are always looking for great deals that enable saving of money, displaying the original price of a product next to the sale price is a great way of taking advantage of it.
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.
As a seller, increasing sales is not only about focusing on the things customers will be missing but also the ones they stand to lose; for instance, explaining to them what they stand to lose if they don’t renew for an expiring free trial will motivate them to renew. Normally, when someone gives you something you automatically feel indebted to them which is what is known as the norm of reciprocity; it is all about making customers feel like they owe you by providing them with free products or services.
The decoy effect principle is one that has gained a lot of success over the years and still works in boosting sales during a marketing campaign; this is where you introduce the third option which is the decoy, making the more expensive product feel like a better deal. Running a productive marketing campaign is involves understanding all the key aspects including the basics of psychology and marketing. These are the useful psychology and marketing tips you should know.