Ever wished you know what your target market is thinking?
Or what are the best methods to get their attention?
We understand the struggle of pushing your products and services out there, in hopes to boost sales.
Good news is, the human brain works similarly and there are tips and tricks to help you catch them all!
Psychology is the understanding human behaviour and it is applicable in various aspects including marketing and sales.
Let’s get started with the top 5 psychology marketing strategies.
1: Reciprocity Principle.
Has someone ever done something nice to you and you felt inclined to return them a favour?
Reciprocity is one of the many cognitive biases of the human brain! Psychology suggests you are less likely to dislike someone who likes you because you are subconsciously reciprocating their behaviour.
In order to increase sales in the marketing aspect, brands are encouraged to offer value to customers first.
For example, giving out freebies such as a free sample product. When you do something nice for them, you are not only building a new relationship with them but also increase their corporation level and they are more inclined to return the favour by purchasing your product or service.
2: The mere exposure
Have you ever seen a pair of shoes that you thought were ugly but as soon as it starts appearing in the ads, your social media page, billboard etc., you begin to change your mind?
That is because the mind begins to gain familiarity through exposure and develops a subconscious preference.
People are most likely to be attracted to the things that they are familiar with. Which is why in the sales aspect, paid advertising is so important. The more frequent your product and services are exposed to your target, the higher the chance of your customers choosing you.
Run retargeting campaigns and your brand will then appear more frequently online.
3: Social Proof
Social influence can be referred to as peer pressure. Humans are social creatures who like to conform, or at least subconsciously.
It occurs when our thoughts, opinions and beliefs are affected by our in-group peers. The Solomon Asch’s conformity experiment demonstrated the perfect example of social influence where one participant completely changed his view to match everyone else in the room who all had the same but different belief from him.
This can be applicable in hiring social media influencers to promote or enjoy your products and services.
Because they have a significant following who look up to them, audiences are most likely to follow suit.
Testimonials or customer reviews are another great way to instil social influence
4: Invoke Fear of Missing Out (FOMO) and Scarcity
Fear is one compelling motivator to get people into taking actions.
FOMO, short for fear of missing out is used in describing people who constantly need to be involved and updated with the present like an event, trend etc.
For example, needing to cop the latest limited edition handbag or attending a concert that all your friends are going all in the name of FOMO.
This can be funnelled in marketing by creating a limited offer to your audience such as a 50% off discount, coupons, early bird offer etc on your products or services for a limited time!
The limited offer will invoke fear of missing out on a good deal that is only available for a short period of time, which will boost your sales.
5: Positive Reinforcement
This one is something that all of us are familiar with. “Reinforcement is the process of encouraging or establishing a belief or pattern of behavior, especially by encouragement or reward” (Oba, 2019).
In contrast with punishment, that occurs to reduce a specific behaviour by introducing a negative stimulus such as a parent confiscating a child’s toy when they misbehave.
Whereas, positive reinforcement rewards an individual to increase a desired behaviour!
For example, a parent rewarding their child a cookie each time they finish their homework to ensure they finish their homework every time.
In the marketing perspective, believe it or not many businesses have been practicing this for the longest time and you might be a victim of this…
For example, the loyalty card you received from your barista at your favourite local coffee shop? They reward you with a ‘stamp’ each time you purchase a cup of coffee, and on your 10th cup, it’s free! That is an example of positive reinforcement. Each ‘stamp’ acts as a positive reinforcement and reward to encourage and motivate you to spend up to your 10th purchase!
Surprisingly, it works because each time you thought of going somewhere else, the loyalty card might tempt you a free coffee in the future.
Psychological marketing is happening everywhere, whether it’s offline and online as brands compete to get consumer’s attention.
Apply these 5 psychology principles in your marketing and it will help to boost your business’ sales for the year!