What is Psychological Marketing?
Psychological marketing is a strategy to elicit positive emotional responses from your customers to encourage them to buy from your business.
Psychological marketing is a great strategy for giving you new, exciting ideas to increase purchases or visibility for your business. The point is to make consumers feel like they have the power to buy from you or not, but they help in the buying process with certain psychological marketing tips posted on your website.
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1. The power of color psychology
What’s your favourite colour?
Color can have a surprisingly powerful influence on consumer behavior and purchasing decisions. In fact, the color may be the only reason a consumer buys from you, which is why it is an important psychological marketing strategy to consider when working on your website design. Nine times out of ten people’s attention is focused on the look of a site than what is written, so it’s important that you choose the right color that represents your business and what you want consumers to see on your site.
Color psychology is about influencing consumers in their purchasing decisions. Different colors represent different feelings.
For instance:
Red: a color of urgency related to movement or excitement. This is normally used during the sale.
Green: a calming color that promotes nature and harmony in the brain. Generally used for environmental issues.
Blue: a color that stands for reliability, safety and accessibility. A color often used by financial groups.
Purple: a color that represents creativity, problem solving and luxury. Brands such as Cadbury or Hallmark use this color.
TO REMEMBER
Color psychology can have a powerful effect on consumer behavior and decisions
Much importance is attached to the appearance of a website
Different colors affect people in different ways
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2. Social Proof Your Content
Shared 20 times last week, 40 yesterday, 100 today, when will it stop?
We all want to be reassured that what we read, buy and use is also read and enjoyed by others. So if you have content that you want people to share, add social media sharing buttons along with the number of people who read, shared, or commented on your content. New visitors are much more likely to share your content if they see that others have already done so, showing its credibility and popularity. This is an especially good thing to add if you have a blog on your website. This allows you to manage the visibility of your article and understand how well your content comes across to readers.
TO REMEMBER
Place social media sharing buttons at the end of your content
Show the number of people who have shared / commented to encourage others to share your content
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3. Implement the anchoring effect
Let’s face it, $ 9.99 sounds better than $ 10, even if it’s only 1 cent saved.
The anchoring effect in psychological marketing is a strategy used to get consumers to make a decision based on comparative values rather than intrinsic values. So it is an essential marketing strategy when thinking about your pricing strategy. Think about it in these two ways:
Let’s take the example of a bottle of Sprite. A 12 oz can costs $ 1.39, but a 25 oz bottle costs $ 1.59. For just 20 cents more, you can get nearly double Sprite. Considering that both are still expensive for what you’re getting, consumers are likely to buy the larger bottle thinking they are getting a good deal.
Second, if you’re holding a sale, always put the previously higher price next to the lower price. Even though the price is still relatively high, the initial price was anchored and consumers feel that they have found a good deal.
The anchoring effect on consumers causes them to make decisions based on the current fact without thinking about whether this is the best overall decision … obviously their decision to buy is right for you, but beware you doesn’t go too far for consumers to spot the pitfalls in this approach.
TO REMEMBER
The anchoring effect is a strategy to allow consumers to make decisions based on comparative values
If you’re holding a sale, place the higher previous price next to the new lower price
This technique gives the consumer the feeling that he has a good deal, even if the final price is still quite high
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4. Play with the scarcity effect.
Once it’s gone, it’s gone!
Know you still want to book a hotel when booking. Com and it said ‘Only 2 rooms left for this price’? That’s scarcity and a psychological marketing technique used by many websites to pressure consumers to buy. It all goes back to the simple supply and demand formula; the less availability of a product, the more its value increases and thus leads to an increase in demand for that product.
Let’s take Facebook as an example. At first it was only available to Harvard students, then Ivy League gained access, which then led to it being available nationwide to college students. After that it was available to school children and then to selected companies. In 2006 it was available worldwide. Facebook now has billions of users but was only accessible to an exclusive group in the beginning, but then others wanted to join as well. The limited access increased its appeal and helped grow the popularity we know today.
TO REMEMBER
Scarcity goes back to the simple supply and demand formula
The less of a product you have and the more valuable it is leads to a greater demand for purchases
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5. The Baader-Meinhof phenomenon
It’s all like déjà-vu again.
Have you ever noticed that when you look at clothes or furniture on a website, you go to another website and they reappear in an ad on the page? Well, this all has to do with the famous Baader-Meinhof phenomenon; You see a word or piece of information for the first time and then it appears somewhere else, and you think, ‘That’s weird. I recently read about that ‘wink.
And it is because of this phenomenon that marketers must focus on nurturing consumers to understand their online behavior. Once you see someone clicking your website often and visiting the same pages twice, you should dive in and take advantage of it. And retargeting campaigns are a great way to subtly (but also make sure you are everywhere) wink to remind consumers that they are looking at your products / services, increasing the likelihood of them turning into paying customers.
TO REMEMBER
The Baader-Meinhof phenomenon is that once you see a piece of information, it then appears elsewhere
Set up a retargeting campaign for customers who are highly responsive to your site to get them to buy from you
6. The fear of missing out
Kind of like when you have to work while your friends are all on vacation.
We all hate FOMO (fear of missing out) just like you have to work late and all your friends are sitting in a bar, well it’s the same thing when you buy a product / service. For example, a consumer is thinking about a product on your website wondering whether they should go for it or not, and you need to implement something to get them just that little bit closer to completing the order.
A good technique (especially for e-commerce sites) is to set a countdown clock. This can be on a product page, a countdown clock that indicates how long a consumer has left to deliver the next day. Another technique could be that once the product is in the shopping cart, a countdown is made of how long it remains in the shopping cart to put pressure on the consumer to complete the order.
You may have noticed that these techniques are used on Made.com and Ventes Privés. At Ventes Privés, for example, you normally have 15 minutes to complete your order. This technique puts the consumer away from this fear of missing out if they do not buy on time.
TO REMEMBER
A countdown effect on your page will put pressure on consumers to buy
It puts away the ‘fear of missing out’ feeling if they don’t buy in time
7. Give real reasons for buying from you.
Show your customers why they shouldn’t buy from you.
In addition to using specific techniques such as counting down, you also need to show your customers why your products are so great to buy. This can be done by providing context such as customer reviews. Positive (I hope you don’t have a negative!) Reviews reassure potential customers that others are also buying from you and have had a good experience with your business. Reassurance is one of the keys to convincing potential customers to buy from you, they need to know that you are credible and provide good service.
TO REMEMBER
Provide context for potential buyers by displaying positive product reviews
Consumers need to know why they should buy the products from you and not someone else
Conclusion
Psychological marketing techniques are used to induce consumers to buy from you, be it through color psychology, countdown effects, or playing on the discounted prices. These are subtle ways to influence a consumer’s decision and can be a great way to increase your business’s sales.
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