One of the best ways to make the most of social proof is to focus on social media or a social aspect on your website or blog. This can mean including follow buttons and social sharing options on your website or blog pages.
You also want to showcase the number of followers you may have and how often something has been shared. Few people want to be the first one to share or like a post, but if you show them it has been done already, they are more likely to do the same.
It can also be a good idea to capture testimonials and feedback from your current customers and users. Once you have them, advertise them across your website, including landing pages. This allows potential customers to feel reassured by the fact that other people have already had good experiences with your products or services.
2. Loss aversion
Loss aversion is another one of the psychology theories in marketing. This theory refers to those that are so focused on avoiding loss that they are willing not to make gains. Marketing campaigns for this type of consumer are based on a sales strategy where the consumer does not stand a chance of losing. These individuals are so averse to losing anything that they will give up large gains to avoid any loss.
So what does incorporating loss aversion into your marketing campaigns look like? In general, people don’t want to miss out on deals or opportunities. Thus, creating a sense of urgency or time-sensitive situations can allow you to leverage your psychological skills and tap into this marketing concept. For example, you might run a limited time offer or emphasize how limited your inventory is in marketing emails. This can encourage potential customers who don’t want to miss out to make a purchase.
3. Urgency and scarcity
This buyer psychology theory focuses on the idea that consumers place a higher value on items that appear to be limited, scarce, or hard to acquire. If items are easy to access, they may have a lower value for consumers. When an item is scarce, it places a sense of urgency on the consumer to act quickly and make a purchase.
There are a variety of ways to use urgency and scarcity to promote your products. For example, some companies release products in small batches—or “drops”—where inventory is extremely limited. This can motivate buyers to make a purchase as soon as you release your products so that they don’t miss out.
Whether you’re a clothing store or a donut shop, fostering a sense of urgency among your customer base can create motivated buyers. Selling out your inventory and creating a sense of exclusivity can drive people to your brand. However, keep in mind that this model isn’t suited for every brand.
Reciprocity is not a new concept, and it is a simple one. This psychological marketing theory is based on the concept of an item or company doing something good for the consumer and, in return, the consumer doing something good for the company. This may range from buying more products to telling their friends about the product to posting about it on social media.
There are many ways to make reciprocity work for you. For instance, you may provide customers with discount codes, free samples, or small gifts to earn their trust and demonstrate your value. You can also create content—whether through video or blog posts or eBooks—that is valuable to your customers. When you help your customers and give them something they can use, they’re more likely to return the favor and take a desired action such as making a purchase or signing up for your mailing list.
5. Anchoring bias
Anchoring bias is another psychology of marketing theory that you can use to attract decisions based on content marketing. This theory is best applied to determining the price of a product or service. With this theory, consumers often use the first item they see as the point from which they make their decisions. They use this price as their anchor to determine if other prices are better or worse.
A great marketing tactic for those who use anchoring is to show your customers how much they are saving with each purchase. This is especially useful when you offer a subscription plan to your customers. For example, you can show them how much they save by purchasing an annual plan instead of a monthly plan.
Another great way to use anchoring bias to your advantage is to run sales where you display the amount customers are saving on each purchase. When you have an item that typically sells for one price, you can offer it at a sale price and emphasize the dollar amount that customers are saving as a result of the sale. This can be especially effective if the sale is for a limited time, as this creates a sense of urgency as well.
6. Information-gap theory
The information-gap psychology marketing theory is one that is based on a consumer having a gap of information about something of interest to them. When this occurs, they most often take action to find out more and fill the gap in their knowledge. This theory can be a great tool when it comes to social media and digital marketing campaigns.
You probably have seen marketing this theory without even realizing it. Think of any teaser or article you have seen that starts with “How To…” or “The Secret To…”. These are headlines created to catch your attention and draw you in by providing you with relevant information you may not be aware of. They want you to click on the story and fill in your gap of knowledge.
However, you do want to proceed with caution when using this tactic. Do not draw in people with false information. If you present a teaser headline to them, be sure to give them the information you are promising.
7. The Pygmalion effect
The final psychology principle is ideal for customers and employees. The Pygmalion effect is also referred to as the Rosenthal effect. This psychology of marketing theory states that if you believe something about yourself, it will become the truth. The theory further states that if someone else believes something about you, it can also become true.
A great way to approach this strategy is to identify the core values of your brand. You want to ensure that your team of employees knows these core values and always has them at the forefront of their minds. In addition, you want to communicate those values to your consumers to help drive decisions based on purchasing. With this sales strategy, you are providing clear expectations and incorporating your core values into everything you do.
Essentially, the Pygmalion effect is concerned with setting expectations for your customers and advocating for your brand in a meaningful way. Your marketing campaigns should aim to demonstrate how your products or services can enrich or improve the lives of your customers.