What Can you Do To Appeal to Consumers Psychologically?
24th August 2015
Why Using Consumer Pyschology is Increasingly Important
With today's overly competitive market it can be incredibly difficult to grab the attention of your target audience. There are so many different companies marketing similar products in the same market that consumers are beginning to have difficulty in distinguish between similar products, and this makes marketing your products much more difficult. This being said, there are things you can do that appeal to a consumer on a much more intelligent level, and if you can understand the thought process of your consumers then you are almost guaranteed to have a successful campaign.
Factors that can affect consumer conversion
Because consumers are subject to such a horrifically large amount of data in the form of advertisements daily it is important that you factor both emotional and rational marketing into your campaigns. Thinking about both emotional, and rational marketing allows you a better insight into why consumers may behave in a certain way. As such if you consider both methods you can formulate a better idea about why a consumer might abandon a checkout, when the best time to advertise your product to a consumer would be, and how your consumers will respond to the prices of your products.
Price holds a large share in the reasons why a consumer would purchase a product, and to a rational consumer there is nothing more convincing than the price of a product. Consumers want the best value for money, and consumers have such an open resource for the comparison of products across different brands that marketers must be responsive to any changes in the market. A few things that you can do with your pricing can make it more effective and psychological pricing is the act of appealing to your customers with smart pricing points that make them seem better value, even though the difference is negligible. Psychological pricing guides consumers gently towards purchasing a product, and psychological pricing includes some of the following strategies:
- Bulk sales – this is the act of selling multiple products in a bundle for a cheaper than usual price. This is a favourite for the brands that sell a lot of different products, and bulk offers scream “value” to consumers.
- Sweet spot pricing – what this essentially is, in its most basic form, are prices that end with a nine, five, or zero. If you price a product at £49.99, and an identical product is priced at £50.00 then consumers believe that the first product is much better value for money, and it appeals much more so than the £50.00 product even though it is only one penny less.
- Impulse buys – this is manipulating the sense of urgency within a consumer. This technique is incredibly effective, and generally involves slashing a price for “a limited time only”. Consumers do not want to miss out on deals so they do short term sales which drive up conversion rates.
How to grab the consumers attention
It is predicted that you have five seconds to grab the attention of a consumer, so you need to ensure that in that five seconds that you not only grab the consumer’s attention, but leave a positive reflection. Consumers can develop long lasting opinions on your brand from that five seconds. It is also important to realise that the stronger the effect of emotion that you leave on a consumer the more likely they are to justify a purchase from your brand. Consumers are not rational; they are rationalisers so the more material you give to support the consumer’s beliefs and emotions the more motivated they will be to pursue your product.
You may also be interested in our article on the basics of consumer pyschology and emotions.