Social Media Savvy: The psychology of purchasing and marketing
June 15, 2015
The role emotions play on purchasing decisions is a fascinating subject. Today, we look into why people purchase things and what can marketers learn.
How emotions affect our purchases
Only 20 percent of purchases are actually made based on logic. The other 80 percent 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.
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How biases affect our purchases
People like companionship and to belong to 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. Learn from Amazon.
Consider offering a "try before you buy" or one month free.
Lead with the benefits of a product and leave price towards the end.
Write content that matches your target group.
Milena Regos is principal and founder of Out & About Marketing, an Incline Village-based digital marketing and social media consulting firm. She can be reached for comment at email@example.com. This post first appeared on Out&AboutMarketing.com; go there for more insights into the psychology of the human mind and key marketing takeaways.