5 More Ways Marketers are Exploiting Your Decision-Making Powers!
Hardly 1% of people talk about Psychology in Marketing.
About how you are CONDITIONED to believe certain things.
And how brands take advantage of this.
Here are 5 more cognitive biases that’ll make sales effortless for you.
As a reminder…
Cognitive biases are “mistakes of reasoning.” When people put more value on:
-Their environment
-Pre-conceived notions
-And social factors
Here are 5 more to help you market smarter!
1. Zeigarnik Effect
People remember uncompleted or interrupted tasks much better than completed ones.
The full execution of a task usually leads to forgetting it altogether.
Eg: Retargeted ads or abandon cart emails prompting you to buy and finish the task.
2. Authority Bias
You are more likely to believe the views of a person who has positioned themselves as an authority.
We tend to follow someone who we perceive has subject-matter expertise.
Eg: Clothing brands promote their products via fashion content creators.
3. Loss Aversion
People are more likely to avoid a loss as opposed to gaining something significant.
Research shows that potential losses have twice the impact on happiness than potential gains do.
Eg: Saving $10 on a discount is more seductive than spending just $10 more.
4. Reciprocity Bias
You want to return the favor as quickly as possible when someone lends a helping hand or a small favor.
Offer value first so that you can be in a position to persuade easily later.
Eg: SaaS brands offer a FREE trial with exceptional service support.
5. Hyperbolic Discounting Bias
People tend to prioritize immediate rewards over something they might get in the future.
Nobody wants to wait till tomorrow to reap the benefits.
Eg: Buy for more than $89, and you get free shipping. This is how DTC brands upsell using this bias.
Btw, this was part 2 of cognitive biases to help you market smarter. Check out part 1 here.
