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Marketing Psychology - Notes

The document outlines key learnings in marketing psychology, emphasizing its critical role in understanding consumer behavior and enhancing marketing effectiveness. It introduces five pillars of psychology relevant to marketing, particularly cognitive and social aspects, and provides various psychological marketing techniques such as authority, urgency, and social proof. The integration of psychology into marketing strategies can significantly influence consumer perceptions and purchasing decisions.

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Dr unique
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57 views

Marketing Psychology - Notes

The document outlines key learnings in marketing psychology, emphasizing its critical role in understanding consumer behavior and enhancing marketing effectiveness. It introduces five pillars of psychology relevant to marketing, particularly cognitive and social aspects, and provides various psychological marketing techniques such as authority, urgency, and social proof. The integration of psychology into marketing strategies can significantly influence consumer perceptions and purchasing decisions.

Uploaded by

Dr unique
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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TOP LEARNINGS OF MARKETING PSYCHOLOGY

Module 1 :

→ To understand marketing strategically, we need to understand marketing psychology.

→ What drives consumer behavior? → Nothing drives consumer behavior more than marketing
psychology.

Module 2:

We will encounter psychology all the time in:

- Landing pages
- Ads
- Short video
- Banners etc.

To stand out, we have to integrate psychology into our workflow.

Module 3:

→ When you tie marketing with psychology, you increase the effectiveness by 100X.

→ Psychology is - how you think → perceive → react → and respond.

→ It can help us to make customers perceive our product as having higher value, even if it is not.

→ Psychology is not an art, psychology is based on science.

Module 4:

5 Pillars of Psychology.

1. Biological
2. Cognitive
3. Developmental
4. Social and Personality
5. Mental and Physical Health
Which pillars of psychology are relevant in Marketing?

→ Cognitive
→ Social and Personality

If you are in the lifestyle and health industry then consider → Mental and Physical Health

Module 5:

LIVE ACTIVITY:

→ Two images are shown for 30 seconds, in the same image one can draw multiple
observations at the same time.
→ If we zoom in we can see elements individually, if we see them at normal zoom, we will see a
man. So people can perceive things differently than they actually are.
→ This is called perceptual distortion, which comes under the cognition pillar of psychology.

Module 6:

46 Psychological Marketing Examples for Smarter Marketing:

1. Authority: Brand authority refers to how likely customers are to view a company as an
expert opinion in its field.

Example - On New Age Skills website, we can see the second line - building authority in
the mind of students by reflecting ISB tag and 8 years of agency experience.

2. Likeability: It refers to when brands use the vocabulary of their target audience. If we use
the same vocabulary in our copy and add visuals that represent the target audience, then
our outcomes will be far better.

Example: Zomato copywriting is always relatable to their target audience, they don’t fear
using trending memes and sarcasm. They use the vocabulary of their Genz customers.
3. Price Sensitivity: Price sensitivity is a measurement of how much the price of goods
and services affects customers' willingness to buy them. It means we should not give
similar price points to all target groups.

Example: Canva gives extra discounts to college-going students for its pro services, and
LinkedIn gives students discounts on its premium services.

4. Urgency Scarcity: Creating a sense of urgency to buy our product and service so the
user is persuaded to purchase soon.

Example: On e-commerce shopping, some sellers say - “ONLY 5 LEFT IN STOCK” In


reality, we don’t know if 5 left or if that message is displayed to persuade us to place an
order soon.

5. Exclusive Scarcity: Brands launch some products under the category of limited stocks,
and members-only products, this creates the perception of high-value goods and scarcity
triggers a fear of missing out.

Example: Zara intentionally limits product availability. This deliberate scarcity creates an
exclusive and urgent atmosphere among consumers, people are always waiting for new
launches and demand is already built.

6. Social Proof: Customers' purchase decisions are influenced by other customers, they are
more likely to visit a restaurant where already 20 people are present. This gives them
social proof that food would be good as so many people are already sitting inside.

Example:

→ Product reviews on website


→ Popularity
→ Bestsellers etc

On the Newageskill website popup - “X person bought this course from Delhi” is also an
example of social proofing.
7. Unity: This psychological marketing tactic encourages users to be a part of a special
community of people.

Example: Newageskills telegram group - be a part of 500+ learning members.

8. Commitment and Consistency: Brands remind their customers to be consistent with


their purchases.

For example:

→ Zomato’s notifications always remind us to order something in several hours of the


day - breakfast, lunch, dinner.

→ Cultfit’s notification reminds users to be consistent with their classes.

→ 1MG reminds its users of routine medicines.

9. Reasons Why: To buy or not to buy? People will always weigh the reasons for
purchasing a product. Companies pull out those reasons and publish them in their
content to draw comparisons and persuade them to purchase.

Example: Kraftshala’s website has a table of comparison showing why you should
choose the Kraftshala program.

10. Loss aversion: The pain of losing is psychologically twice as powerful as the pleasure of
gaining. (LOSS > GAIN). When you add FOMO in marketing, the frequency and scale of
buying increases.

Example: Newageskills Independence Day sale that gave a 40% discount for 2 days only
resulting in 70+ new enrollments.

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