Convincing your target market to buy your products and services requires that you understand their wants and their preferences, and these are influenced by their psyche. Understanding what your customers like and what they don’t will help you come up with better marketing and advertising strategies. Here is what you need to know about the psychology of marketing.
According to psychologists, human beings are more likely to increase cooperation levels or reciprocate a favour when someone does something for them first. In this case, customers expect brands to offer them an incentive before they can make a purchase. A good example is offering a discount code for first-time customers.
When human beings have a knowledge gap in a subject that interests them, they will do everything in their power to fill that gap. Human beings are naturally curious. Teasing a product before it launches creates curiosity. Customers research the product and if they like it, they make plans to purchase it as soon as it drops. An excellent example of how this theory applies to advertising can be seen in the film industry. Teasers are released months before the premiere and once the movie is available in theatres, tickets sell out in a matter of minutes.
Customers hold more value on products that they believe to be rare. FOMO [Fear Of Missing Out] is a great marketing concept because customers are more likely to buy a product when only limited pieces are available.
Social proof theory
Customers trust products and are more likely to purchase them when they know other people who can validate their quality. Influencer marketing has become very popular in the past few years and it has proved to be efficient because people look up to these influencers and trust them.
Loss aversion marketing
Customers would rather avoid a loss than acquire gains. Customers are less likely to purchase a product they have never used because they do not want to gamble with the possibility of not liking it. Offering trial offers, sample size products or a 30-day money-back guarantee is a great way to encourage customers to make a purchase.
To find out more about putting the right product in front of the right audience, contact the team at Space Marketing today.