Marketing & Psychology: A Four Part Summary
The link between psychology and marketing can’t be understated. Marketing, which is, in essence, the process of making people aware and attracted to a particular business or product. Understanding the reason why people make the choices they make and how they are influenced by marketing can be a critical skill for creating tailored, effective content.
Over the course of the last few months, our Marketing & Psychology series has covered a number of different topics where the two subjects are linked; authority, scarcity, reciprocity, and consistency. These articles give an in-depth look into these concepts and give suggestions on how to apply them to marketing strategy. In order to get a more complete picture of creating a psychologically tailored marketing strategy, presented below is a brief review of all four articles.
Marketing is a delicate concept that requires a certain amount of guidance from marketing professionals. Customers and businesses respond more positively to marketing campaigns in which the business is positioned as the expert in their field. Authoritative marketing campaigns can give companies certain leveraging elements. This style of marketing helps companies stand out in a crowded market, establishes credibility, and allows companies to build more strategic partnerships.
Reciprocity is a concept best represented by the concept of brand loyalty- the concept that a positive interaction is rewarded by the company. Customers and businesses respond extremely well to this kind of positive incentivizing, and it is best aided through consistent and positive PR.
It’s important for marketing campaigns to be consistently strong; this means avoiding misrepresentation of the product or service and having a repetitive message that touches on the same points. Slacking, or suddenly putting less effort into marketing or branding is perceptible by clients and customers, and can reflect negatively. It is important that marketing isn’t a secondary aspect of your business, and isn’t something that can be done ‘on the fly’ or with minimal effort. Consistent, thoughtful, and well planned out marketing campaigns are a cornerstone element of a successful business plan.
The rarer an event or product is, the more attractive it is to potential customers. Scarcity marketing creates this incentive to purchase due to the fact that customers perceive these products or services as higher value and more significant. Companies can employ one of two different methods to create artificial scarcity for their business; limited supply marketing and limited time marketing. Both of these strategies are great tactics to drive up the perceived value of your product or service.