If you want to grow your small business, If you want to attract more customers, then the single biggest thing you need to understand is the psychology behind why customers buy and how you can use that in your marketing psychology to make significantly more sales.
Today we know some of the marketing psychology that you can definitely apply to your marketing.
Three Psychological Marketing Principles
Understanding consumer psychology
So, the biggest problem that most small business owners face today is really trying to understand what’s gonna motivate a customer to buy.
Consumer psychology and marketing communications This is where psychological principles come in. The better that you’re able to understand that, the better you’re able to design your marketing and position your business accordingly.
Studies show that 90% of all purchasing decisions are made subconsciously.
What is the anchoring effect?
So, one of the most prevalent forms of psychological principles
is something known as anchoring. Anchoring is a cognitive bias where it essentially tells us that people – your customers – are over reliant on the very first piece of information that they hear.
For example, if the very first thing that someone sees when they’re presented with your business is something very low price, well, when you try to promote or try to offer future services, well, if they’re anything more than this, they’re going to seem, by contrast, significantly more expensive. So, make sure that you’re leading with your best value proposition so that they could see it, they could start to form that mental anchor.
A study discovered that extra costs such as shipping and fees were the leading causes of cart abandonment.
What is the mere exposure effect?
Next, let’s talk about the mere-exposure effect, which is probably one of my favorite cognitive biases of all time. What the mere-exposure effect is is the effect that the more often we see something, the more that we like it and the more that we trust it. See, one of the biggest reasons that customers don’t buy is because they need time. They need time to think, and this is just the way that we make decisions.
And by accepting this, and by building our marketing around it, it allows it to become significantly more effective. When you’re thinking about attracting new customers, about growing your business, once is never enough. Read more about – Create a website that’s free with GoDaddy!
Psychology and marketing Rather, trust takes repetition. It takes touchpoints. The average number of touchpoints required in order to get someone to make a purchase are somewhere between and . So, a great way to do this is to simply do something called syndication and sharing of your content.
What most people do is they’ll think of
a promotion that’s coming up or possibly a holiday. They’ll look at their budget, and they’ll just dump everything into a one-week, two-week, maybe even a three- or four-week campaign. What is a better plan is to sort of space that out. It gives your customers – it gives your clients time to sort of soak in the information. There will be 5-7 brand interactions before a consumer I remember a brand.
What is the paradox of choice?
All right, so the next psychological principle is something known as the paradox of choice. Most small business owners think that more is better, when in reality, study after study has shown us that more options actually lead to less conversions which means less sales, less customers, and, when the customers do make a purchase less satisfaction.
People don’t have the time or the mental bandwidth to really go through and evaluate all of these different options. Plus, there is a psychological principle at play, which is this fear of loss. Most people don’t make decisions for the benefits they’re going to get. They try to make decisions
that will minimize their risk.By eliminating this for them, by showing them the best one for them and helping make it easy, you increase your sales and you also increase the satisfaction that they’re going to feel after they make a purchase.
Customers reported greater subsequence satisfaction. when their original set of options had been limited.
Customers don’t buy when they understand. They buy when they feel understood, and that’s what this is all about. And the only way to make a customer feel understood is when you start to understand these psychological principles and bake them into your business.