The Psychology of Marketing
Consumer Behavior: The endpoint of all business is to make money. It sounds shallow, but it’s true. We have accountants to figure out which quarters we made the most money in, we have financial advisors to direct us on which investment choices will provide us with the most money, we have managers to help companies work together and make more money, we have public relations specialist to promote branding and increase sales, and we have marketers to appeal to customers and to make more money.
More money: It’s what every business model strives for in one way or another. It’s just life.
But where does this money come from?
It comes from consumers! Yes, the people that companies sell to play a crucial role in this ongoing quest for wealth. So, it makes sense that we know these consumers who give us money, that we understand their behavior and why they do what they do.
5 Ways To Reach Consumers Using Psychology
1. Assess Consumer Behavior
Looking at your target market is a good place to start when figuring out consumer behavior. There is a vast array of different consumers out there all with different needs and different agendas. Narrowing this field by looking specifically at your target market will open your eyes to patterns and various themes that fuel these consumers to buy.
2. Create Needs NOT Wants
More likely than not your company is presenting consumers with something they want, not really something they need. However, your target market’s attitude can be altered so they view the product that you are offering as something they simply need to have. This can be achieved by looking at how those in your target market have been living. Evaluate purchasing trends and scope out what complements and fits in with these purchases. Use this information to market your product to look like a necessity for their well-being, not just a luxury. This tactic will increase sales and generate more profit for your company.
3. Show NOT Tell
The same philosophy that you learned in high school English class applies to your business today. You don’t want to TELL potential customers why your brand is so great. You want to SHOW them how your brand is great. Showing is more powerful than telling. Period. If there are opportunities for you to literally show what you do–rather than simply explaining it–take advantage of those!
4. Leverage Consumer Reactions
If you gain the attention of a few consumers, odds are that other consumers will be drawn to the attention your product is receiving. There is this beautiful little thing called conformity. People want to fit in with the masses. If buyers see other buyers reacting to a product with an “I need this now” kind of attitude, sure enough, they are going to alter their behavior to match this attitude. Your company grows its sales and Badda-bing! More revenue for you.
5. Be Honest About your Short-Comings
It is human nature to look for flaws. That’s why so many consumers distrust marketing claims. However, if you are forthcoming about your product’s flaws, it promotes honesty and credibility. It is also a great way to highlight your strengths.
What This Means:
The moral of the story is that consumers are malleable. They believe what they are expected to believe. Our brains are wired this way. It’s how we’ve survived for thousands of years. Learn the consumer game and use it to your advantage. If you understand which way consumer mentality goes, you will soon find your company rolling in the dough.