Trading remains the main source of income that has a history affiliated with humans. Its track record goes beyond 3000BC in ancient times, which gave the concept of buying & selling. The market is a platform provided to buyers for fulfilling their needs, wants & desires and where sellers can earn more profit by selling off their products and services. Understanding human psychology have been one of the key traits of successful marketers.
More simply selling is the phenomenon of converting goods & services into money. An art of exploring buyer’s interest, into those goods & services which are being sold is called Marketing. Interest is developed by paying attention; the same attention is sought by sellers through marketing strategies.
When we talk about the mental characteristics of humans, there comes a branch of science called psychology. That deals with the scientific study of the human mind, emotions, feelings that include social influences, environmental factors & behavior, and the implementation of psychological principles. Psychology is a really vital thing for business, it even can help you to find the right color for your niche.
The study of human behaviors & mindset, then developing a sales strategy for products or services that will attract buyers to fulfill their needs is called Marketing Psychology. It incorporates a variety of psychological principles while marketing your product/service (through sales strategies, content marketing, advertisement, digital targetting, and so on.)
How Marketing Psychology Works:
Marketing psychologists are making headway given the demands of the modern age. Continuous surveys & studies are conducted by marketing psychologists to look over buying behavior of consumers, their changing mindsets in buying habits & further developing selling strategies, In light of all determining factors that will support advertising & marketing campaigns. All aspects of marketing & the whole range of human mindset indulge within the scope of marketing psychology. The human factor can’t be overlooked in process of buying and selling.
For instance, the Covid-19 pandemic has completely changed buying & selling practices around the globe. Marketing psychologists intercepted a change in buying behavior of consumers with a slogan of “stay home. Stay safe!” Strategies were shifted focusing on digital marketing, social media campaigns, and email marketing to reach end-user which created a boost in online shopping sales.
Scope of marketing psychology in the World:
In today’s highly competitive & globally shrinking digital market, every business is striving hard to attain a competitive edge over the other. A holistic approach to read your target market mindset is key to success. Marketing psychology anticipates the customer’s buying behavior, then focuses on a customer-centric approach and applies theoretical & research findings to the marketing field.
Let us have a look at some attributes developed by marketing psychologists keeping in view the response of human behaviors towards their buying habits;
1. Establishing Trustworthiness of their product with Customers:
Trust is a characteristic of human psychology that emphasizes believing in what is expected. Marketing strategies are developed to win customer’s trust by asking for feedback and then publishing positive reviews & testimonials, showing care for customer approach with best services & after-sales services provided to build a healthy relation & reputation. Trust creates belief which acts as a strong bond between a seller & buyer.
2. Natural Way of Preferences:
Marketing psychology revealed that the human brain abruptly responds to any product which has the below-mentioned features:
- Giving a happy Feeling
- Quality over Quantity
- Bounties & Good Compliments
Marketers are focusing on these tools to attract their customers.
3. Price Sensitivity:
Marketing psychology works on consumer behaviors that are in consideration while making a purchasing decision. Price is considered as a most important factor as people do care when they pay. There is a famous saying “Quality is remembered long after, the price is Forgotten” but pricing is set among four (04) basic principles of marketing for decades. Price is paid for the value. Different marketing strategies such as sales, discounts, blessed Friday, price skimming, bundle pricing, etc are used to influence buyer’s minds & attracting them.
4. Creating demand
It is human nature to feel exclusive in being distinct. Marketing psychologists are continuously conducting surveys, researches to identify the needs & wants of the customer. Demand is generated by referring to the customer’s desire to purchase.
Below are few creative marketing psychology techniques being offered in the market to create demand for a product or service provided!
- Creating scarcity, Highlighting customer’s fear of missing out!
- Revealing limited information about the product to generate curiosity among customers.
- To circulate positive reviews & content from experiences of people who already availed of your service or used your product. Let your product be news of the town! Fly high!
Marketing Psychology is the field that brings both buyers & sellers into the same paradigm.
- Moderate research is being conducted in real-time through surveys in virtual & actual markets based on psychological techniques, to understand the actual needs, interest, likes, dislikes & desires of buyers & further how to fulfill them. Create a perception of a strong brand, Celebrity, or influencer endorsements that will create an affiliation with your product or service.
- Last but not least! Continuous innovation & evolvement with time.
5. Solidarity with Social Cause:
Individual’s behaviors, thoughts, and feelings are influenced by social causes; they align themselves with a social situation. This tendency of human behavior gave a thought to Marketing psychologists to develop marketing strategies to demonstrate an association with a beloved social cause such as Environment, Global warming, Education, etc. These phenomena always have a positive effect for better reputation, attracting target market & earning more bucks!
6. Other Practiced Techniques:
- Creating a missing out factor for a product that it will be gone. Induction of schemes such as First come first serve basis, Limited slots, Limited editions, etc. is a psychological technique of marketing.
- Many marketing psychology surveys & studies proved that consumer behavior & buying pattern is effected by
- Demographic Factors
- Personality Traits
- Perceptions & Attitudes
- Social Status
On the other hand, they formulate strategies for sellers in understanding human psychology, so that they can design their advertisement & salesmanship accordingly to achieve the most.
Covid-19 pandemic has dramatically changed existing traditional selling & buying practices. Marketing psychology is the need of the time to re-stabilize appropriateness of business by gathering new marketing strategies & interpreting of changing the behavior of buyers.
Trade friction plays a pivotal role in developing economies & marketing psychologist understands how to derive marketing by satisfying customer needs, to eradicate that friction between buyers and sellers. They provide aid in finding out customer’s exclusive as well as psychological issues.