In marketing, we have read about consumer behavior. The marketers research the consumer’s behavior and create strategies to entice them.
But what would you call a strategy in which marketers study customer’s psychology?
What if the marketer knows that you will buy the product at less price?
Or what if the marketer knows how will you react to their new offer?
The answer to all these questions is psychological marketing.
Let us understand this marketing strategy in detail and understand how marketers play mind games with customers.
What is Psychological Marketing?
Psychological marketing is a strategy wherein the marketers devise strategies based on customer psychology theories. The brands create marketing strategies to make the customers behave in a certain manner. Also, the marketers plan why, when, and how will a customer choose their brand over the other.
For example, dropping prices of any product so that the customer makes an impulsive purchase.
Moreover, marketers understand customer behavior in various situations. They carry out various psychological observations to understand human behavior. That’s how they create a psychological marketing strategy.
With this strategy, the brands design their marketing campaigns and eventually drive their sales and profits.
Now let us move onto the various strategies of Psychological marketing.
Psychological Marketing Strategies
Tempting customers with discounts and rebates is something that marketers are practicing for a long time. The marketers are smart enough to realize that most customers are price sensitive. So, they offer some special discounts on their products. The customer probably falls into the trap of discount.
Amazon, in its latest “Youth Offer,” is attracting more customers to prime membership. The company is providing a huge discount on Prime membership for the 18-24 age group customers.
Urgency & Scarcity
How can a customer resist the “HURRY UP” offer?
In the urgency and scarcity, the basic practice is to make the customer feel that they should grab a chance. Customers don’t want their favorite product to go out of stock. So the marketers create a sense of urgency in customers. This practice is visible in e-commerce stores.
For example, the urgency strategy is adopted by the e-retail store Myntra. Before a sale is going to begin or end, it displays a timer. It makes the buyer shop before the sale ends.
Do you have someone that influences your behavior or decisions? Even if you like them or not. Sometimes we follow others just for the sake of doing it. This phenomenon is called social proof. In this customers are influenced by some people or factors. In marketing, these are the influencers, celebrities, peers, reviews, etc. For example, many customers make buying decisions by looking at the review first.
A brand that creates an authoritative position in the market is liked by customers. Customers trust the brand and find it more authentic. Many brands use this trick to gain the trust of the customers.
For example, the brand Amul calls itself as Taste of India. It makes the customers trust Amul as the best dairy brand.
Commitment with Customers
Not only customer loyalty but seller’s commitment also matters. It is a good practice to reach out to the customer in some time intervals. Buyers might forget a brand, but only when the marketer lets them. When a marketer stays consistent and persuades the customers to make a purchase, then eventually, the customers come back and shop from them. Sending notifications via emails or text messages are some practices that show the brand’s commitment. For example, Lenskart sends messages to customers to buy what they have in their carts.
The fear of loss hits hard, especially when it comes to shopping. Most of the impulsive buying by customers results from loss aversion. Marketers create fear in customer’s minds to make them buy something. Phrases like “Don’t miss the deal” and “Get it before someone else does” work like wonders. This fear of missing out affects customer’s subconscious minds as well. Moreover, this psychological strategy makes any customer buy something that he doesn’t even want.
“When you do good, something good comes back at you.” In marketing, it means the reciprocity principle. When marketers offer something good to the customers, then it makes satisfies the customers optimally. Reciprocity creates goodwill for any business. In this, marketers offer some extra benefit, surprise, or special offer to customers.
For example, free delivery on signup, extra rebate offer for new customers, or surprise gift at a specific amount of purchase. This practice increase customer loyalty, customer retention and
In this ad the brand Revolve is creating urgency to make the customers grab the deal as soon as possible.
The brand uses price sensitivity and urgency to make the customers buy the products.
In this advert, the Durex played well with human psychology. It displays how buying a condom can the cost of raising a baby. It uses a comparison between a $2.50 condom and a $250 baby Stroller.
The brand keep sending notifications to its customers so that they keep coming back for purchases.
Psychological Marketing Tricks
The marketers should thee following tricks to enhance their psychological marketing strategies.
The Rhyme game
A thing about rhymes is that people don’t usually forget them easily. It’s catchy and easy to remember. That’s why brands should create a tagline with rhyming words. Also, it makes the tagline more impactful. Many brands use this tactic in creating their taglines. For example:
- Hello Moto,
- Wikipedia the free encyclopedia,
- Do you…Yahoo, etc.
Play with Colors
Colors appeal to the sight sense of the customers. Colors play a great role in psychology. Bright and bold colors get more attention than dull colors. Many brands opt for colors that are bold and which reflect their brand. Moreover, colors influence the mood and feelings of customers as well. Every brand follows a color scheme, whether in their store, website logos, or ads. For example, Red color for coca-cola, Yello for McDonald’s, etc.
To keep the customers happy and satisfied you need to offer some rewards. The customers live for such rewards. Scheduling such offers would make the customer your regular and loyal customer. If your customer knows that they will get a bonus or reward, then they will definitely choose your brand over another. It is human nature that they incline towards gifts and compensations. Many cosmetic brands offer such kind of rewards. On specific purchase they offer free gifts or coupons and vouchers.
Another sense that links to the customer’s psychology are sound. Humans are more responsive to sounds. A customer does not forget a rhythm or music easily. Marketers can create jingles for their brand that the customer can never forget. It is so impactful that customer immediately remembers the brand when they hear its jingle.
For example, Paytm’s jingle is played in its ads, and even when someone transfers money.
This is a pro tip that no marketers should miss. A marketing strategy is all about grabbing attention. Also, in psychological marketing, if you cannot miss out on grabbing audience attention. Moreover, your brand should make the customers turn their heads to see what your brand is offering. For example, iPhone advertisements are so innovative that it can not miss any eye.
The Role of Psychology in Marketing
Psychology means how the human mind works and how it influences human behavior. To understand the role of psychology in marketing, first, marketers study human behavior under various circumstances.
The role of psychology in marketing is to influence the behaviors of the customers.
Every customer acts in a certain way by the influence of certain conditions. Marketers in this strategy create such conditions to influence the customers to purchase their brand.
For example, marketers know how customers will be disappointed when they do not offer some discount on their purchase. Here the marketers understand human psychology that how people feel when they get benefits.
Marketers can devise a marketing campaign only if they understand human behavior. Any marketing strategy aims to convince customers to buy a product. But if marketers don’t understand their customers the how will they sell. That’s how psychology comes into the play and does the job.
Psychological marketing is one of the most effective marketing strategies. Almost every marketing campaign and plans include marketing psychology to understand customer behaviors. This strategy is all about influencing the customers to act in a certain way.
It’s all about making the customer happy, excited, laugh, amuse, joy, and the most important shop!