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Empower Your Instinct

Psychology Insight for Marketers

   
ShoppingEmotion

How Emotions Impact Shopping Behavior

You walk into a clothing store, just to browse. A shirt catches your eye and without comparing the quality of the materials or craftsmanship to those of the shirt next to it, and even before fully comparing the styles of the two, you know you want it. It’s just so you. All rational thought (“I already have a few shirts like that one”) seems to go out the window as self-illusory hedonism takes over and you indulge in the purchase.
The above scenario is – most likely – all too familiar and is a perfect example of how we, as consumers making judgments, are prone to rely on our feelings and emotions, while shopping, momentarily letting our cognitive evaluations lapse. Of course, this isn’t always the case – if you’ve put time in research into a decision you won’t be as easily swayed by an alternative option. But, if you haven’t, and there are time constraints on your decision or little other available information, falling back on feelings is our default response.

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Posted by Madeline Ford on Jul 11, 2013

product-market fit products Buying Behavior Nonconscious Motivations Research Psychology and Marketing Emotions and Psychology

ProductPricing

 

3 Ways to Optimize Product Pricing with Psychology

 

Have you ever wondered how companies and retailers set their prices? If you’ve ever taken an economics class, your go-to answer is probably something about supply-and-demand, right? While these laws certainly have a large influence over pricing, another realm of study does as well: psychology. In this blog post, I'll introduce how to optimize product pricing with Psychology with three case studies.   

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Posted by Madeline Ford on Jun 25, 2013

Consumer Behavior product pricing product-market fit products Customer Segmentation Psychology and Marketing Purchasing Behavior

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Psychology of Impulse Buying


We’ve all been victims of impulsive buying. Maybe you went shopping with a friend, swearing you weren’t going to spend any money and then *poof* you own a new shirt. Or maybe a new kitchen appliance caught your eye and you had to have it. Or maybe you had actually planned on going shopping, for, let’s say, groceries, and you end up buying a few items that weren’t on your list. Whatever the context may have been or what degree of planning you might have done prior to shopping, if you have ever bought something you did not plan on ahead of time (whether or not you can justify the purchase after the fact), you have participated in the culture of impulse buying. There are countless factors that influence an individual’s rash decision to buy impulsively and much research has been done to better understand this behavior. Furthermore, marketers often use this knowledge to promote impulse buying in the hopes of increasing their bottom line. But while impulse buying does indeed mean more product bought, it can also lead consumers to harbor negative post-shopping feelings about the producer and retailer (Zhang and Wang 2010).

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Posted by Madeline Ford on Jun 20, 2013

Consumer Behavior product-market fit products Distribution Channels Customer Segmentation Buying Behavior Psychology and Marketing Purchasing Behavior

PsychOfChoice

Psychology of Choice: How We Assess Risk When Buying Products

I started playing piano in first grade, and when I started, I was obsessed with piano. I loved the new instrument and couldn’t wait to get home from school to tinker with it and practice my newly learned pieces. Eventually, that fervent enthusiasm diminished and my mom struggled to get me to practice. She brought the matter up with my instructor who suggested an interesting solution: if I completed 15 minutes of practice on the pieces I was supposed to be working on, I could then choose to practice any of the songs in the book and show my instructor the following week. I ended up enthusiastically and diligently practicing for those 15 minutes, just so I could play what I wanted after. When I was being forced to practice, I had significantly less enthusiasm than when given the chance to exert my own will and choice. By giving me a choice about my actions, my teacher re-sparked my piano-playing interest. This phenomenon – that when given a choice of doing something, people are more likely to want to do that thing. The Psychology of Choice has important implications for marketing.

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Posted by Madeline Ford on May 22, 2013

segmentation packaging pricing product-market fit target audience Nonconscious Motivations Research Traits and Scales Psychology and Marketing Research Methods

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