As some of us may already know, marketing is not just about hopping on the bandwagon or trying to become a new trend, it involves 360-degree evaluation combining with a few behavioural marketing tactics to create the thirst, which will in turn generate demand and leads. And those commonly used tactics are driven by the psychological nitty-gritty we want to discuss here.
3 marketing tactics we often fall for
The Law of Scarcity: Have you ever felt the rush to hit that ‘Book Now’ button on an accommodation booking site, where you see “only 3 rooms left at this price!” in red next to the hotel you have been looking at. Yep, that’s how “scarcity” got you. If what a person wants “appears” to be in limited supply, the perception of its value will go up massively. From the previous example, imagine if there is a message saying “2 people are viewing this accommodation” blinking underneath the “only 3 rooms left” - this time you could possibly even feel ‘the pressure’ to fill in your credit card details and check out.
Social Proof: We all have friends and groups of people we trust, and we definitely want to always be parts of them. This is when the “me too” (#metoo) effect comes into play. Think of the new fashion item you found ugly at first. But when all your friends and probably some influencers you follow post some cool photos of them wearing that very item, you feel the urge to check it out and somehow don’t think the design is that ugly anymore. Influencer marketing is the key factor that enables social proof effects these days. This is because younger people are always on social media and stay connected there. Coupled with some specifically-created hashtags for the campaign, there is a good chance that the followers will jump in.
Decoy Effect: This tactic is very popular for pricing strategy. You may have come across some offers like: • Movie Streaming subscription: $99 • Game Streaming subscription: $89 • Movie and Game subscription: $100 And want to laugh at how crazy this is. You can get both movie and game with the price so close to a movie subscription alone. Why would they even bother to offer a movie only option? You are asking the right question obviously. Yes, why? This is a good example of the decoy tactic when one option has been inserted only to create ‘a frame of reference’ for how good the other option is - in this case, the both “Movie and Game” deal. And that is most likely because the movie and game option is what they want you to go for.
This is only to name a few of psychology concepts in marketing. There are many more out there that could be applicable to your business. Mentello team is always here to help you look for the best digital strategy for your business, and, of course, to grow together with you.
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