Being a marketer, the most challenging task is to analyse the behaviour of the people. The successful marketer can read out the minds of consumers and acknowledge their preferences and temptations.
This might be a challenging task to accomplish, but if you keep a hold on these seven psychological marketing tricks, you can be one of the leading marketers. Some of them are pretty unexpected.
What is Marketing Psychology?
We made our buying decisions based on our wants and preferences. Now, the question is, how will the marketer assess what do we want? Here comes marketing psychology.
It understands buyers’ behavior and tries to touch the mind of customers with ads and campaigns to reach what customers are thinking.
For instance, have you ever noticed many shampoo ads are continuously highlighting hair fall? Because it is one of the problems facing by many. So, market psychology helps markets to understand what a buyer needs and offers accordingly. And also, manipulate them by pushing to buy whatever they need to sell.
The Decoy Effect
Have you ever noticed “Deals” in restaurants” or “Buy One Get One” in supermarkets. These are strategies to let customers focus on less desirable products – a decoy.
Marketers are convincing a customer that the product is worth buying within a minimal amount. This Decoy effect enables the sales to get pumped while taking the most out of the consumer’s pocket.
Time isn’t really running out.
This relates to the urgency of the product to be sold, creating an environment that there is a sale on a particular item and that item is nearly out of stock.
This is used to get the customers’ attention by creating a sense of hurry in their minds. When they see that the desired item is on sale and running like a hot cake, the customers will rush towards their franchise, keeping in mind that the stock will be over quickly. This is a marketing technique used for selling dead or slow items.
The Framing effect
The representative of the brand presents the product in the most ideal way to increase or create a sense of desire, for the product whether the customer wants it or not.
Brands also create groups of people reviewing the product reasonably to draw buyer’s attention to the product. By doing this, the customers will get attracted to the pros of the represented good or the service, no matter what they are looking for. It’s a very common effect, maybe even overused, but it’s still an effective one.
The Jingle Jam
Do you remember the jingle of Macdonalds? “I am in love with it” or KFC “ Its finger-licking” or any other song which you have heard in an advertisement.
You can deduce this method from Pavlov’s dogs in which a pet was trained in a way that it came seeking food whenever a bell had rung.
The same is the case with the customers. The marketer can create a bell in the minds of the customers through exciting songs. As a result, products retain customers’ long-term memory. This is yet another trick to augments sales.
The odd-even pricing
The concept of odd-even pricing is all about providing confidence to the customer that the price company has introduced for the product is valued for their money.
This is all the game of numbers. For example, the cost of an item is $2, but brands price it for $1.99. This trick is very effective as many customers buy products that seem cheap even if they do not need them.
Loss Aversion
You must have seen loss aversion everywhere without realizing it. “Flash Sale!”, “15% Discount for the first 20 buyers.” What are these? These all are loss aversion.
Loss aversion is a tendency to avoid loss than acquiring gains. Numerous brands are using this psychological tip in their business. The trick helps marketers to enhance a sense of urgency in customers’ respective of their potential products.
All tricks are suggested and design to augment the rate over a return, somewhat deceiving any of the customers. These marketing psychology skills will augments growth and increase sales of products or services of the company.
