The Psychology of Marketing Infographic
Psychology of Marketing Infographic – why do people buy things and what marketers can learn from this
The role emotions play on purchasing decisions is a fascinating subject. In Psychology of Marketing Infographic, we look into why people purchase things and what can marketers learn.
How Emotions affect our purchases:
– Only 20% of purchases are actually made based on logic. The other 80% is pure emotion. I’m probably the worst when it comes to this.
– The emotion of likeability predicts whether or not an ad will increase a brand’s sales.
– Consumers perceive the same type of personality characteristics in brands as they do in people. Fun!
– Emotions are the primary reason why consumers prefer brand-name products. I know I have spent more money on Aspirin from a brand I know as opposed to buying a generic, which probably has the exact same ingredients as the brand name does, but costs less.
How Biases affect our purchases:
– People like companionship and to be part of a group. Hello Tribes! We like to hang out with like minded people so purchasing things that make us feel as part of a group makes sense.
– People are less likely to take risks when a choice is presented in a positive light. Well, of course.
– People try to avoid change and stick to what they like – not too many people like change.
– When presented with a product, we try to compare it to other things to figure out its value.
– No one likes to lose.
Key Marketing Takeaways:
– Consumers are influenced by emotions and biases when making purchases. Keep both in mind when marketing your products.
– Phrase offers so people think they may be “missing out” on something.
– List your more expensive product first. This way, people will think that everything else is a bargain.
– Make purchasing a simple process. Too many decisions will complicate and may terminate the process.
– Consider offering a “try before you buy” or one month free.
– Lead with the benefits of a product and leave price towards the end.