5 More Ways Marketers are Exploiting Your Decision-Making Powers!

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  • Post published:June 12, 2022
  • Post category:Marketing

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 

marketing-psychology
Source: Google

 

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 

consumer-psychology
Source: Google

 

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 

Cognitive-bias
Source: Google

 

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 

consumer-behaviour
Source: Google

 

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 

psychology-of-buying
Source: Google

 

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.

What’s a cognitive bias you can relate to the most?

Let me know in the comments!

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