marketing science

marketing science

Bernie Heine shares an article on marketing that focuses on using neuroscience to improve marketing tactics. 

Spending money can be painful. Brain scans of people buying experimental stuff with experimental money show physical pain centers being activated by perceptions of poor value items. Price is a big part of this, of course, but perception is even bigger.

Bundling lots of product features under one big price tag is a good way to prevent customers from “flinching.” Car option packages are a good example of this. They avoid lots of separate “pain points” for the leather seats, the “infotainment,” the electric windows, etc.

It’s not just the price either! Perceived unfairness in a purchase can cause pain too. You need to review your whole marketing offers from your target customer’s point of view and eliminate the pain points.

If your prices are higher than your competitors’ prices, it is vital that you explain to your customers exactly how you give them better value.

“Priming” can give you a competitive advantage. Giving people subtle psychological leads can guide their buying decisions your way. For example, images of cash money increase self-centered behavior, and telegraphing big numbers in a negotiation can ease the acceptance of a relatively higher bid.

Dan Ariely “Our daily behavior is irrational. We are influenced by all kinds of invisible forces.”

How’s this for an intriguing bit of psychology? Prof. Dan Ariely at Duke University primed subjects with random numbers – the last 2 digits of their own social security numbers. He then asked each of them how much they would pay for a wi-fi keyboard. The higher the priming number, the more they were willing to pay!

Are your prices ‘anchored’ or flexible? How much do you know about your customer’s price expectations when they browse your wares?

Key points include:

  • The five senses and the buying/decision-making areas of the brain
  • The three groups of consumers
  • The power of priming

Read the full article, Top Insights From Neuroscience Can Improve Our Marketing, on the ProfessionalBusinessCoaches.com.