Cognitive biases are systematic patterns of deviation from norm or rationality in judgment. Marketers can use this bias to their advantage, as understanding these biases is what will help them in framing messages better. Anchoring Bias
When we have to make any kind of decision, our brains cling to the first information (the \”anchor\”) they receive. For Example: A luxury watch brand introduces their high price pointing product first at $10,000 and then introduces a slightly lower priced one at $5,000. Thanks to anchoring bias, the $5k watch looks pretty darn reasonable by comparison. Example: Try anchoring by introducing an expensive item before a low-cost one. So the second option sounds pretty enticing, right? The $275 bread maker that Williams-Sonoma rolled out long ago went over like a lead balloon. Allow them to follow it up with what could have been a similar model, yet higher valued at $429. The PCCA 1800 model saw sales rise as the cheap version of Auster\’s car. Usable Technique:
Another popular pricing hack is creating tiered prices: Here, you would offer the same product but at various levels of utility which correspond to different price points. Use it for your high priced option to make the lower price options look more attractive. 2. Social Proof Principle Applied
Social proof is the psychological phenomenon that people imitate behavior they see others successfully performing. Online reviews and testimonials, for instance, are a popular type of social proof that can make or break purchase decisions. Application: Social Proof in the form of Customer testimonials, reviews or some Case studies to present on the website for credibility and authenticity. Firstly, it cleverly uses so-called social proof to its advantage by showing the reviews of past guests as well as how many people booked -airbnb This will boost the trust of a potential customer before he books stay. Usable Technique:
Take advantage of user-generated content: Social proof can be a powerful driver for businesses too, in the form of reviews or shared experiences. Highlight these on your website and in marketing materials. 3. The Reciprocity Principle
The principle of reciprocity says Give and you shall receive(esentially)
Free samples or trials are one way that we can get a customer to feel they owe us something back, which will then encourage them to make the purchase. Apply: Give away freebies and samples (or helpful content in the form of eBooks or webinars) to prospects as little acts of good will. HubSpot: An array of free tools & educational content. This not only has the ability to bring in your leads but also creates a feeling of give and take which makes it more likely that someone will become one of your customers. Usable Technique:
Give before receiving: To build a relationship first creates some free product or demos so that they know your product is valuable. 4. Observe This Incredible Concept: Scarcity
The scarcity principle in its turn relies on the theory that people tend to desire what they perceive as scarce or rare. For instance, urgent offers for a limited time and exclusive deals cause them not to sit around but make customers act instantly. Option: Implement countdown timers or low stock notices to create a sense of urgency in completing an action. Scarcity is a trick that Amazon also knows how to play well as it uses \”Lightning Deals\” and countdown timers during sales like Prime Day. Last but not least And that sense of urgency, in return helps to take decisions and buy quicker! Usable Technique:
Generate An Urgency: Use a limited time period offer, special discount package else in the region of countdown clock to stimulate hasty decision making. 5. Using the Principle of Authority
Predictions on which side us laws are likely to fall on this issue usually go in favor of large companies with deep pockets. Example: Endorsements from industry experts or influencers can lend your product legitimacy. Use Case: Partner with brand influencers or get third-party endorsements from industry heavyweights. Tesla is an example of a company benefiting from the authority by name of Elon Musk. He has an appeal to be taken seriously as a thought leader/institution in his field, which would bring more credibility and excitement around Tesla products for their current customer base. Usable Technique:
Show Social Proof: Leverage customer quotes, testimonials or work with key industry figures to help build trust and credibility. 6. Creating Emotional Appeal
Feelings have a huge impact on decisions. ADDED: Emotional content makes campaigns more memorable, as well. Storytelling, when it resonates with your audience emotionally can create a stronger bond and greater engagement. Use Case: Create a marketing copy with storytelling that resonates emotionally in your target market. Dove focused on natural beauty in their “Real Beauty” campaign showcasing real women and how beautiful they are despite standard of identifiable beauty. Through the emotional tones of this campaign, not only was it raised in brand awareness but had sparked connections at a real level with its audience. Usable Technique:
Narrative storytelling: Use emotional tales to give users something they might remember and enjoy. 7. The Subject Property Line Of Kinder To Headquarters Address(Commitment And Consistency Principle Aggregation)
Want to Be Consistent With Things You Have Done/Had Happen
Examples: Baby steps can lead to ever greater commitments Example: Dip a toe –> wade in–> hellion born
Application: Get consumers to take a small action first, for instance, by signing up for an e-mail newsletter so that they will then commit to something larger further down the road. This goes with Netflix, who gives a no-cost trial period in order to hook users on their platform. Once users start creating watchlists and consuming content, they are more likely to stick around with a premium subscription. Usable Technique:
A small entry level free trial or product that can get the customer to a larger purchase/subsequent shipment.STARTING TO SMALLEST NEXT STEP
8. Using the Principle of Liking
For one, people are more likely to be swayed by someone or some brand they like and resonate with. Building rapport and relatable brand personality will help in setting the stage for customer loyalty and engagement. Implementation: Create a brand persona that is appealing to your ideal client so they have an easier time trusting you and getting get connected with them. Apple\’s historical and humanized brand image, romantic tech sway aside that state-of-the-art approach favours user intuition-yet-seamless design instead has captured the hearts of an extraordinarily loyal group. Usable Technique:
Develop likability: Your brand should have good human characteristics that cater to your target audience. Famous Quote
As the original marketer Seth Godin said before:
“They don´t buy what you do, They purchase relationships, narratives and enchantment. — Seth Godin
This emphasizes the need to establish a more compelling connection with your audience based on psychology and persuasion. Applying the following psychological practices in your marketing methods can dramatically increase your power of persuasion and conversion over an audience. Take one or maybe two of these techniques to try out in your next campaign and watch what happens. If you have, which of these psychological techniques have you tried to leverage in your marketing antics? Tell your stories, and chime in to the comments. For more knowledge and custom strategies, refer to MeticulousourLthank aggking. agency, the marketing partner that makes other agencies redundant. How about we translate that (as well as some other key takeaways) into actionable tactics for any brand to succeed better!
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