10 Marketing Psychology Tips for Entrepreneurs - Market Research & Behaviour analytics

10 Marketing Psychology Tips for Entrepreneurs

ByHimanshu Vashishtha

10 Marketing Psychology Tips for Entrepreneurs

In today’s world, having good quality products need not be enough for success. A good marketing strategy is crucial to make or break a brand. Be it through word-of-mouth or through advertisements, marketing helps to lessen the gap between brands and consumers. Since the advent of digital marketing, it’s become a two way process – in addition to brand communication, customers also communicate their needs, feedback and suggestions to brands.

Thus an effective marketing strategy is a key element for the success of a brand today. Over the years, many studies have been conducted to understand the factors that affect marketing methods and strategies, marketing psychology being a noteworthy element.

Top 10 marketing psychology tips

While designing the marketing strategy of a brand, entrepreneurs should keep these in mind–

  1. Understand colour psychology

People associate specific emotions with certain colours and that’s the basis for choice of colours for brand logos. Choose colours that evoke positive emotions from target consumers for maximum impact.

  1. Indicate scarcity and uncertainty

Consumers, especially the returning ones, stock up on products when they get a sense of urgency. For example, a “Last few left” can encourage an immediate purchase.

  1. Invoke emotions

Big brands ride on the emotions wave for their advertisements because consumers relate to the brand better that way and they find a meaningful purpose for the product/products in their lives. Brand recall is strengthened.

  1. Encourage impulse purchases with exclusivity

Give consumers the feel of privilege and exclusivity either through an exclusive channel or with limited time offers. Target their ego to make them feel special about a purchase.

  1. Create a sense of community

Consumers tend to base their purchase decisions on the purchases and reviews from their social contacts. With digital marketing, you can bring target consumers together to interact and share experiences, while also creating brand advocates.

  1. Frequency illusion

When a consumer is thinking of purchasing a product, he/she will notice relevant ads all around. Brands can get more exposure because the number of ads hasn’t really increased. It’s just that the consumer’s mind has started paying attention to the ads.

  1. Use decoy pricing

Introduce product variations to make the product you want to push seem more appealing to consumers. Or you could create another product with price and features such that your target product seems like a more economic purchase. The idea is to make your target user wonder about your product and choose.

  1. Catchy jingles aid brand recall

A good and catchy jingle plays in the consumers’ minds and keeps the memory of the brand fresh. You should conduct diligent research to understand the kind of jingle that would work for your brand.

  1. Create a brand mascot

When you associate imagery to your brand, it creates a fun element for the brand, which helps it to stand out and carve a distinct image in the consumers’ minds.

  1. Reciprocity invokes fulfilment feeling

Many people want to give back to society or do something for the environment and so on. When brands offer to make a donation or plant a tree (for example) from the proceeds of the purchase, consumers get a sense of fulfilment that they are part of a good gesture too.

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