7 Psychological Marketing Tricks When Starting Your Business
Though starting a business can be a fun and exciting venture, the process can come with its fair share of challenges. These challenges were exacerbated in recent years by the COVID-19 pandemic, and small business owners were hit the hardest by its overwhelming economic impact. But certain psychological marketing tricks help brands and marketers to understand users’ preferences and behavior. Fortunately, many areas are seeing the economic landscape recover and experts believe that some areas will be back to pre-pandemic levels of business at some point in 2022.
Pro Psychological Marketing Tricks to Keep in Mind
Though the drastic economic effects of the COVID-19 pandemic are beginning to fade, new business owners aren’t out of the woods just yet. Even in a healthy economic landscape, marketing one’s business effectively is pertinent to running a successful business. It can be a nerve-racking process for new business owners trying to figure out how they should market their business.
Luckily, there are marketing principles and strategies that draw upon psychology that can help anyone intent on starting a new business lay solid foundations. Here are seven psychological marketing tricks for entrepreneurs starting a business:
Priming is a psychological phenomenon that occurs when an individual is exposed to one specific stimulus that then provides context for another stimulus. Though this may sound confusing at first, it’s a pretty simple concept. It can be easier to understand priming and its effects through examples. If a business owner wants to sell more of its Mexican-themed merchandise, that business owner can play Mexican music in the store.
As consumers are browsing, they are being primed by the music to be on the lookout for items related to Mexican culture. For those starting a new business, thinking of creative ways to prime customers can result in more purposeful marketing and an increase in sales.
The Baader-Meinhof Phenomenon
The Baader-Meinhof phenomenon is an interesting psychological phenomenon that creates the illusion of a product being omnipresent. This is done in marketing by being purposeful with how and where one markets their products, so specific consumers will feel as if the product is everywhere. In actuality, the product is not being marketed everywhere, but rather only providing the illusion that it is.
For example, if a business was targeting health-conscious individuals as the main consumers for a product, they could make an effort to put ads in health-food stores, gyms, and yoga studios. Individuals who saw the ads in all three of these contexts would feel like the product is everywhere in a variety of contexts when in reality it is only in three.
Reciprocity is a psychological phenomenon in which someone feels obligated to return a favor when given something. This can be an incredibly useful tool to utilize for those starting a new business. Examples of reciprocity include offering free shipping or samples to consumers. In turn, consumers feel obligated to reciprocate the gesture and purchase something. By taking advantage of the psychological phenomenon of reciprocity, new business owners can get a head start on converting people into customers.
Social media often helps businesses to build a positive brand image. Social proof is a psychological tactic that can be used by businesses to influence their consumers through the utilization of people that consumers trust. Social proof works because we as individuals often adopt the opinions and habits of people we trust. A business can encourage consumers to post their use of a specific product on social media so that friends of that consumer will be exposed to someone that they trust using the specific product. In this way, businesses can provide social proof to their customers that their products are viable and worth buying.
Anchoring is a psychological marketing tool that utilizes a higher anchor price to make a sale price seem more appealing. In actuality, the sales price may be the actual price of the product, whereas the anchor price is simply a tool being used by the business to make the consumer feel like they are getting a better value.
For example, a business owner can showcase a high anchor price of ten dollars next to a lower anchor price of six dollars to make the consumer feel like they would be saving money by purchasing the specific product. Business owners can potentially increase their sales by providing consumers with an anchor price.
Scarcity is a tool that business owners can use to make their consumers feel like they should act fast in purchasing a specific product. The scarcity phenomenon occurs when business owners advertise to their customers that a particular item is rare, or won’t be available for much longer.
For example, a business owner can sell a specific mug faster if their website provides the context that there are only a small number of mugs left to be sold. In this way, customers will be more likely to purchase the mug immediately since there is a chance that it might not be available in the future. Business owners who utilize the phenomenon of scarcity can potentially sell products faster than they otherwise would.
The Verbatim Effect
The verbatim effect is a psychological phenomenon that causes individuals to remember the gist of something rather than the exact details. For business owners, this means that a tagline can be more memorable than the specific details of a product. For example, if a glove company wants to sell a certain pair of gloves, it could be more useful to have a tagline that indicates that the gloves will keep one warm rather than showcasing the details of the materials or other technical aspects of the product. By being aware of the verbatim effect, business owners can have a better understanding of how their products can make a positive impression on their consumers.
Utilize Psychological Marketing Tricks to Grow Your Business h2
Though starting a new business can feel like a lot, knowing and utilizing psychological marketing tricks can help make the process easier. By having an awareness of how to utilize various psychological marketing techniques, new business owners can be better suited to convert customers and move products. Rather than let the challenges of starting a business get the best of you, make good use of marketing psychology tricks to help your business flourish.