The Psychology of Marketing

Your business psychology is crucial for survival. The psychology of marketing has grown to such an extent in recent years, because of The Internet, that businesses NOT employing psychology will probably falter and fail in the face of fearsome competition.

"So.. what's it all about?"

Marketing psychology is basically about two areas:

1) Market Segmentation - groups within your market

- defining the target market by age / sex / education / occupation / geographic area and determining NEEDS and wants

- Known as demographics and the subset: psychographics

2) Understanding the buying process - in steps:

- i) Pain, Need or Want -addressing these!

- ii) Information-seeking -provide free information/trial

- iii) Narrowing to Valued Options -channeling/reassuring

- iv) Purchase actions -need security and privacy. Safe?

- v) Reinforcement -comfort of a money-back guarantee of satisfaction. Risk-free. Risk reversal. Reassurance. Security.

- vi) Follow up contact. Personal. 'Making friends' is best.

One-Time-Offers - irresistable - at time of purchase, PLUS:

From a back-end database you can 'Upsell/Cross-sell' with further, related offers, but remember this:

Keeping the customer depends on excellent customer support! - like spoiling them with free gifts and informational updates on a regular basis. Free reports.

- Giving them 'hot news' releases. Over-delivering VALUE.

The psychology of marketing starts with PREselling with free information, moves through guidance with comparison shopping.. then closes with excellent customer service (reputation). Underpromising and OVER-DELIVERING.

Let's now look at framing.

Using Framing In Marketing

The VALUE to You is in your perception of how something was presented. The surrounding context shapes relative perceived value. For example, a product cast untidily into a large bin in a $2 bargain shop, say a men's shirt, may be identical with the shirt sold in a London, Saville Row gentlemen's outfitters. One shirt is framed by pre-conceptions of the $2 shop. The other is framed by an expensive location. Framed by status appeal.
(Very strong.. esteem need.)

OK..

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