NeuroMarketingPersuasion and the Psychology of Marketing

Psychology of MarketingWhat’s in it for Me!

Psychology of Marketing:Human Behavior-

Beeder-Meinhof Phenomenon• Clustering

Anchoring• Loss Aversion

Perceived Value• Creating

Connections• Boosting

Credibility

What’s In It For Me?

Imitating Others

Influencers

Compiled by author from sources: blog.hubspot.com, business2community.com

Psychology of Marketing:Words Create Connections-

The words you use in campaigns can affect your

audience’s behavior

Words like you, free, or because persuade users to take

action

You, creates a personal

connection

Free suggests an incentive and keeps visitors

interested

Because, gives a reason, that’s

often what visitors need to

take action

Words Affect Us

Compiled by author from sources: searchenginejournal.com Image Source: Google Images

Psychology of Marketing:Boost the Perceived Value-

If your product or service isn’t viewed as providing more value than the cost, then

nobody will buy

The crucial element is to increase the

perceived value, the perceived value needs to outweigh the cost

You can increase value by lowering the price, or have a similar effect by conveying the great results that the user will experience more clearly, and what it’ll mean for the potential buyer

By using the psychology of marketing, groveling for the customers that are ready to buy, you can build a lasting relationship with consumers

Compiled by author from sources: business2community.com Image Source: Google Images

Psychology of Marketing:Emotionally Appealing-

Human beings make most of their decisions

based on emotion

Effective marketing strategies appeal to

human emotions, making consumers “feel” first

and “think” laterThe emphasis is on how your product or service

will make the buyer feel, or how it will eliminate an

existing pain

Compiled by author from sources: business2community.com Image Source: Google Images

Psychology of Marketing:Loss Aversion-

Once someone has something, they realllllly don't like to lose

it

Participants were given mugs, chocolate, or nothing, then given the choice to trade objects, if they were given nothing they could choose one

of the two ….

Roughly half of the participants who started with no items chose mugs, but 86% of those given mugs to begin with stuck with that item

Marketers could ungate a feature for a free version of their product for a certain amount of time

After that, the feature could be removed unless you upgrade or becoming a paying customer

Compiled by author from source: blog.hubspot.com

Psychology of Marketing:Anchoring-

If your store

typically has jeans for $50

You will be happy to find them for $35

But your friend who typically

buys them for $20 may

not be impressed

Why it is so Hard to Resist a Sale at Your Favorite Clothing Shop?

Anchoring: People base decisions on the first piece of information they receive

Marketers running a sale want to state the initial price and display the sale price next to it

Compiled by author from source: blog.hubspot.com

Psychology of Marketing:Heuristic vs. Systematic-

Heuristic-

Information processed in a low-involvement low-effort way, with shortcuts, cues and feelings

i.e. Purchasing tires on the advice of your mechanic who is an expert, also paying the higher price for the well-known brand because those items are generally better products

Systematic-

Information is processed in a high-involvement and high-effort way

i.e. Researching brands of tires, reading reviews, talking with a salesperson about the best tires for driving habits is engaging in systematic processing

Compiled by author from source: blogmarketresearch.com

Psychological Theories of Thinking:

Heuristic vs. Systematic-

Systematic involves trying to understand the available info and coming to a specific belief based on it

Heuristic occurs when people are short on

time, already invested in a viewpoint, or are

confident it is an accurate perception

Compiled by author from sources: blog.marketresearch.com Image Source: Google Images

Psychological Theories of Thinking:

Stroop Test- Try to read out loud the color of

the words displayed You’ll probably find yourself

(Systematic) struggling to fight the (Heuristic) response, which is to read out the word instead of its color

Compiled by author from sources: blog.marketresearch.com, mercercognitivepsychology.pbworks.com Image Source: Google Images

Psychology of Marketing: Heuristic Model-

Consumers are in

fact using Heuristic thinking:

If they have a

low-level of

interest in the

subject

Find the info

difficult to

understand

If they have many

choices

By engaging consumers in surveys and focus group discussions about how they think about products/services and brands, researchers generate lots of systematic thinking

Research with consumers suggests that in actual purchasing situations, consumers rely heavily on heuristic thinking about retailers, brands, and products/services

Apply to Market

Research

Compiled by author from source: blogmarketresearch.com

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Sources Cited:

"5 Reasons You Need To Understand the Psychology of Marketing." Business 2 Community 5 Reasons You Need To Understand the Psychology of Marketing Comments. N.p., n.d. Web. 17 June 2016. http://www.business2community.com/marketing/5-reasons-need-understand-psychology-marketing-01471065#zWFsy3vSk8mM8zoV.97

 Andrienko, Olga. "Psychology and #Marketing: What Influences Our Decisions." Search Engine Journal. N.p., 2015. Web. 17 June 2016. https://www.searchenginejournal.com/psychology-marketing-influences-decisions/142368/

"Marketing Psychology: 10 Revealing Principles of Human Behavior." Marketing Psychology: 10 Revealing Principles of Human Behavior. N.p., n.d. Web. 15 July 2016. http://blog.hubspot.com/marketing/psychology-marketers-revealing-principles-human-behavior#sm.000f1xi9cjvyfkr103h18pi8e8u3q

 Why Market Researchers Should Apply Psychological Theories of Thinkinghttp://blog.marketresearch.com/why-market-researchers-should-apply-psychological-theories-of-thinking?utm_campaign=2016_06+Thought+Leadership&utm_medium=email&_hsenc=p2ANqtz---TbeCppFPLYCBXPf-qK35G-2B62JczjlDt_6Po5Ei8SQIlYUqW-9G64h0gtX8w9EJXn9Z9J9GxnQPuD-vbuUviI6E4w&_hsmi=31180696&utm_content=31180696&utm_source=hs_email&hsCtaTracking=526542d9-eab8-4f6e-995a-e9181da21b92%7Cb8571e9b-76bc-4c98-9b28-0224a4ab7f08