By Tanya Nair
Jun 30, 2017
I thought I was in for a huge shock coming in as a marketing intern when I am actually majoring in Psychology at Trinity University. Apparently, I was wrong because the overlap between psychology and marketing is very apparent.
Five weeks into my internship and I have definitely learned that the principles of psychology and marketing together have a lot of integration. You may think obviously, because they both revolve around people. However, that is not quite all of the similarities. For the most part, people’s opinion matters to psychologists and conversion rates matter to marketers. Nonetheless, emotional responses from customers and different types of analysis to gain more knowledge on how to improve a product or service are found favorable to both parties.
For example, the same way a psychologist uses a Positron Emission Tomography (PET) and Electroencephalography (EEG) scan to measure a patient’s brain activity; a marketer will use Google Analytics to measure their customer’s behavior. Although they are two distinctive ways to analyze people they both allow investigation for improvement. I made this connection whilst familiarizing myself with Google Analytics. This is a complicated yet, great tool for evaluating conversions, acquisition and customer behavior on websites. Apprehending behavioral psychology can better help understand a marketer’s audience.
You may notice that majority of marketers use psychological tactics when trying to compel a consumer to buy their product. This is mainly because psychologists are constantly finding new and improved data on various ideas on how to better market a product. You may have heard the phrase, “there’s safety in numbers,” which explains why having statistics on your website or any form of visual communication may be more appealing to viewers and increase conversion rates. Usually, social influence may cause people to ignore the most obvious truth and follow the rest; nonetheless, they know it is wrong. So what does this tell us about marketing? The more social proof that is attached to your website through statistics, customer testimonials, Facebook and Twitter the more new customers you will attract.
Another experiment done at Cornell University by Professor Dennis Regan showed the power of reciprocity. The experiment results showed how likely one was able to give back to one who has given to him. This relates to marketing because if you provide something of value to a customer they will more likely give you their business.
The best way to describe the framing effect is to say that people will give various responses according to the way things are phrased. The trick the experiment found here is to play around with phrasing in order to always emphasize the positive aspects of products. However, the way most phrases are expressed should depend on your goals and audience as this may vary accordingly.
You may be more familiar with the Goldilocks Effect and recall that Goldilocks wanted everything to be just right and was turned off by the extremes. These two effects are actually the same with two different names. Most marketers may use this effect for a better pricing strategy as customers seem to always want the middle option consisting of a balance between old and new. It is important for marketers to know this whilst launching new products and services. The main goal of this effect is to slightly push those customers who succumb to the cheapest option, into buying something with a little more quality with a slightly higher price.
A successful marketer needs to be able to influence human behavior. However, you cannot begin to do that if you don’t understand how humans work and behave. That is why the combination of pairing both of these aspects makes both a good marketer and psychologist.