Psychology plays a significant part in marketing. Successful and experienced marketers and advertisers use psychology theory to influence every component of the marketing mix. From pricing goods and services tactically to using select colours in branding and logos, psychology is there guiding the way. In this blog, we’ll explain how you can use psychology principles to shape the marketing strategy of your own business.
1. Colour Psychology
Believe it or not, the colours you use in your logo, on your website, and in your product and package design have a big impact on how your customers perceive your brand. In fact, it’s thought that consumers make up their mind about a product in the first 90 seconds, and a significant portion of that decision is based on colour. So, make sure you choose your brand’s colours based on science!
Studies have shown that consumers associate yellow with happiness and creativity, but also with caution and anxiety. Meanwhile, red is often associated with romance and energy, as well as negative emptions like anger. Blue is a calming colour that consumers associate with dependability, but also comes across as cold and emotionless to some.
Colour psychology dictates that brands should choose their colours strategically, and use colours associated with extreme emotions sparingly. Do your own research to discover the colours that will appeal to your target market. Making the wrong choice could send potential customers running!
2. Anchoring Bias
The anchoring bias is the psychological theory that humans rely heavily on the first piece of information they receive about a new concept. You’ve probably seen the anchoring bias in effect, and have likely even been influenced by it yourself.
Have you ever been persuaded to buy something because it was heavily discounted? The business you bought from used anchoring bias to encourage your purchase. It’s likely that, when you were considering your purchase, the website or price tag you read encouraged you to read the original price before reading the new, discounted price.
Being exposed to the original price before the discounted price makes the consumer perceive the discount as a great deal. So, if you’re having a sale, make sure you display the original price alongside the discount, as it might just be the push a potential customer needs to make a purchase.
3. Brand Communities
Psychology tells us that brand communities are a powerful tool. We know that people are social by nature, and value feeling included in communities of like-minded people. This concept applies to marketing, too! The more included a consumer feels in a brand’s community, the more loyal they will feel towards that brand.
Social media has made it easier than ever before to create loyal communities of consumers. Whether through public brand pages, like Instagram or Facebook accounts, or exclusive private groups, creating and nurturing brand communities will benefit your business in the long run.
Your community won’t be created overnight – it will require work and patience. But, with some effective strategy, your hard work will pay off. Not only will this community be loyal, but they are also more likely to become advocates for your brand. They’ll recommend you to others, acting as an effective marketing tool.
Now you understand the basics of marketing psychology, why not delve a little deeper? Careerline offers a wide range of online marketing courses. Study marketing psychology, marketing foundations, or internet marketing online at your own pace. While studying with Careerline, you’ll be supported by your qualified and experienced tutor.
Want to learn more about any of our courses? Get in touch with our friendly team via email, message, or phone!
1. Marketing Psychology: Careerline’s online Marketing Psychology course will teach you about the psychology behind successful marketing. You will learn about the many types of consumers, and the factors that influence their decision making. These influences include internal influences, such as personality, and external influences, like society and consumerism. You will study the decision-making process of consumers and learn how to effectively communicate with them to convince them to buy what you are selling.
2. Internet Marketing: This course helps sole traders and business owners alike to reach their potential in the competitive digital market. If your business’ marketing plan is lacking in the digital department, the Internet Marketing course is for you. You’ll be taught how to develop a digital presence that helps your brand to thrive and to design and implement effective digital marketing strategies that deliver results. This course is also perfect for anyone who dreams of being a social media influencer or pursuing a career in social media management.
3. Marketing Foundations: If you’re a marketing newbie, Careerline’s online Marketing Foundations course will teach you the skills you need to distribute and promote like a pro! Starting with the very basics, you’ll learn how to create a marketing plan based on the four elements of the marketing mix. You will be taught to identify and select appropriate target markets, design products and packaging, and conduct market research. This course will also teach you how to conduct a market analysis to determine which marketing activities are right for your business.