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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. But most companies often invest in business campaigns that fail to provide return on investment because they forget one key aspect; getting into the customer’s head as shown here. Taking the steps to understand how consumers make choices will help take your campaign to the next level. Here is a guide to help you learn more on the basic principles you should understand.
The first on this list of the things you should understand is social proof; because people are more likely to buy a popular product or service, you should invest in social proof like having more active followers to ensure the success of your campaign. 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. Customers are always motivated to act quickly if they believe they are going to miss out a great product which you can take advantage of by running limited-time offers or including language like while supplies last.
If there is one thing every consumer loves is taking advantage of all the great services extended by the sellers, this is why you should learn and use the loss aversion principle that focuses on educating them on the things they stand to lose if they don’t take advantage of certain deals. To increase sales, you have to leverage the customer psychology by offering a free gift with purchase or giving a free item in exchange for completing a satisfaction survey.
Customers with only two options to choose from often spend a lot of time comparing and contrasting that sometimes they fail to buy, but through the introduction of a third which the decoy, decision making much easier and faster. Understanding the link between the two is the first step to getting the most out of your campaign. You can understand the link between psychology and marketing with the help of this guide.