Psychological drivers like anchoring effect can help brands influence consumer behaviour

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 15, 2020, 9:00 AM UTC

Methods like anchoring effect, social proof, loss aversion, and goal gradient can influence consumers.

This article states using psychological drivers in marketing campaigns can help shorten buying cycles and increase demand. Offering a higher-priced alternative before the lower-priced option can make consumers anchor the first option as a point of comparison and inadvertently choose the second one.

Present social proofs in the form of online reviews to influence consumer behaviour and improve conversion opportunities. With people opposed to losing, loss aversion tactics like offering free product trails can make consumers reluctant to give up the product and become more dependent on it.

To shorten buying cycles, create a goal gradient progress bar for consumers on websites, highlighting their product journey to increase conversions. Consumers are more likely to purchase if they know their buying progress.

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