Top Neuromarketing Appetizers.
Spending money can be painful. Brain scans of people buying experimental stuff with experimental money show physical pain centers being activated by perceptions of poor value items. Price is a big part of this, of course, but perception is even bigger.
Bundling lots of product features under one big price tag is a good way to prevent customers from “flinching.” Car option packages are a good example of this. They avoid lots of separate “pain points” for the leather seats, the “infotainment,” the electric windows, etc.
It’s not just the price either! Perceived unfairness in a purchase can cause pain too. You need to review your whole marketing offers from your target customer’s point of view and eliminate the pain points.
If your prices are higher than your competitors’ prices, it is vital that you explain to your customers exactly how you give them better value.
“Priming” can give you a competitive advantage. Giving people subtle psychological leads can guide their buying decisions your way. For example, images of cash money increase self-centered behavior, and telegraphing big numbers in a negotiation can ease the acceptance of a relatively higher bid.
Are your prices ‘anchored’ or flexible? How much do you know about your customer’s price expectations when they browse your wares?
How’s this for an intriguing bit of psychology? Prof. Dan Ariely at Duke University primed subjects with random numbers – the last 2 digits of their own social security numbers. He then asked each of them how much they would pay for a wi-fi keyboard. The higher the priming number, the more they were willing to pay!
Get in Touch With Customer’s of Good Taste.
There is a superfast hyperlink between our 5 senses – vision, hearing, touch, taste, and smell – and the buying/decision-making areas of our brains. When you build sensory features into your products and promotions, you are appealing directly to your customers’ subconscious emotions and memories.
…VISION: Do you have consistent and appealing packaging, logos, promotions, use of color, and appropriate fonts? You all know the power of the word “FREE,” but is it better to say free, free, or free? It depends on what you’re selling. The pen is mightier than the sword, and copywriting is an art form.
…SMELL: How does your “store” environment smell? Does your product aroma trigger good memories, or does it get up the nose of customers?
As consumers, we all have split personalities, the “want” side and the “should” side. As in we want the side order of fries. But we also know we should take the fresh vegetable salad. Are your products want or should? Impulse buys (wants) or later consumption items (should)?
A Carnegie Mellon survey of 13,000 consumers allocated them to one of three groups according to their willingness to part with cash. 24% of your customers are “tightwads.” 15% are “spendthrifts,” while the majority are “unconflicted.” There are things you can do to make your marketing reach even the “tightwads.”
I am recommending to all my clients that they get into neuromarketing. Roger Dooley’s Brainfluence is a good starting point. Wealth and job creation are only possible when you stay ahead of the competition. The lessons of neuroscience and the Internet together are redefining marketing as we have known it. Don’t get left behind.