With just 20 per cent of buying decisions based on pure logic, the psychology of marketing, i.e. the role the mind plays in buying decisions, requires understanding. Psychology is the science of the mind and also behaviour. So whether we realise it or not, emotions and biases frequently influence our buying decisions. According to research, this is the case in around eight out of 10 buying decisions (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 also the in-group bias. By understanding these biases you’ll be better able to devise plans to mitigate them.
1. A brand name, special offer, and also immediate gratification all enhance sales. Thus understand the psychology of marketing. Take account of cognitive biases to boost sales.
2. Use consumer research to uncover exactly what emotional dimensions will best influence and persuade.
3. The most successful brands comprise rational and emotional dimensions – so build both into your brand positioning.
(1) Damasio, Anthony Descartes’ Error:Emotion, Reason, and the Human Brain (2005)
(2) Infographic courtesy Salesforce.com
Read more about dealing with bias in this article on quantitative research.