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Dictionary.com defines marketing as: “the action or business of promoting and selling products or services, including market research and advertising.”
Marketing psychology #
Not surprisingly, psychology has its place in marketing to help us understand human behaviour and market patterns. Here are five of the commonly used marketing psychology principles:
- Scarcity: This principle leverages people’s fear of missing out. When consumers believe that a product or service is in limited supply or available for a limited time, they are more likely to make a purchase. Phrases like “Limited stock available” or “Last chance to buy” tap into this psychological principle.
- Urgency: Urgency is closely related to scarcity but focuses on the time aspect. Creating a sense of urgency encourages consumers to take immediate action. Countdown timers, flash sales, and limited-time offers are examples of how marketers use urgency to drive purchases.
- Social Proof: People tend to follow the crowd and trust the opinions of others. Social proof is the idea that if others are using or endorsing a product, it must be good. Testimonials, user reviews, and displaying the number of satisfied customers are all ways to leverage social proof in marketing.
- Reciprocity: This principle is based on the idea that when you do something nice for someone, they feel obliged to reciprocate. In marketing, this can be applied by offering free samples, valuable content, or discounts. When consumers receive something of value, they are more likely to engage with your brand and make a purchase.
- Emotional Appeal: Emotions play a significant role in decision-making. Marketers often use emotional storytelling to connect with consumers on a personal level. Whether it’s using heartwarming stories, humour, or tapping into nostalgia, evoking emotions can make a brand more memorable and relatable.
But, thankfully, it’s up to us #
In spite of all these psychological levers, it’s still left to us to decide whether we will benefit from having a particular product or service in our lives.
“You have a brain and mind of your own. Use it and reach your own decisions.” – Napoleon Hill.
“May your choices reflect your hopes, not your fears.” – Nelson Mandela
Quotes source: https://quotefancy.com
Thank you for reading.
