With just 20 per cent of buying decisions based on pure logic, the psychology of marketing requires understanding. Psychology is the science of the mind and behaviour. Emotions and biases frequently influence our buying decisions. Whether we realise it or not, around eight out of 10 buying decisions are based on emotion (1).
This ‘Psychology of Marketing’ infographic (2) summarises common biases that influence consumers’ purchasing decisions. These include the status quo bias, the loss aversion bias, and the in-group bias.
1. Marketers should take account of cognitive biases to boost sales. A brand name, special offer, and immediate gratification all enhance sales.
2. The most successful brands comprise rational and emotional dimensions – so build both into your proposition.
3. Use consumer research to uncover exactly what emotional dimensions will best influence and persuade.
(1) Damasio, Anthony Descartes’ Error:Emotion, Reason, and the Human Brain (2005)
(2) Infographic courtesy Salesforce.com