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Empower Your Instinct

Psychology Insight for Marketers

   
jaguarsuperbowl

Why marketers advertise to consumers who can’t afford their product

Advertising dollars are spent to reach potential consumers and inform them about a product, and perhaps the single largest American venue to do this is the Super Bowl. Companies that buy ad time during the Super Bowl have the potential to extend the reach of their ad if it makes a splash and gets talked about in the follow-up news cycle, so it’s no wonder so many companies are willing to pay top dollar for Super Bowl ads. However, it would seem this money would only be well spent if the Super Bowl audience included a large proportion of potential consumers for a given product; otherwise, how would such a massive expense pay off?

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Posted by Kyle Thomas on Jan 31, 2014

Consumer Behavior product products Psychology and Marketing Advertising and Psychology psychology marketing

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

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