The TL;DR May 19, 2020
This week we’re discussing psychological drivers that influence consumer behavior, the importance of consumer identity in a cookieless world, and the event industry’s future. Didn’t catch last week’s edition? Read it here.
4 Cognitive Biases and Psychological Drivers Influencing Behavior
By including the use of psychology in your marketing strategy, you can increase conversions and reduce buying cycles. Leverage these four psychological drivers to ethically drive behavioral change and help your business grow. Read more on MarTech Today.
- Anchoring Effect
- Influence customer behavior based on the order in which you introduce information.
- You can utilize this by introducing the first item at a significantly higher price point yet only a slightly better benefit than the second option. Anchored to the first price point, customers now see the second item is too good to pass up.
- Social Proof
- People seek validity from others and are more likely to act once they see it.
- Provide proof (i.e. testimonials or case studies on your website) that other people like your business to influence potential customers to give your company a try.
- Loss Aversion
- People tend to assign a greater value to a loss compared to a gain of equal value.
- You can use your understanding of this implication by offering a free trial that allows users to become dependent on your platform; customers are more reluctant to give up what they have than to exert energy to acquire something new.
- Goal Gradient.
- If customers have a visible finish line, they are more likely to race across it to achieve their goals.
- Create a stamp card to help increase the frequency of purchasing or make a progress bar that shows your customer’s journey to accelerate conversions.
Why Marketers Need Identity to Build Consumer Trust in a Cookieless World
In order to establish and sustain trusted relationships with your consumers, marketers need the right walled garden and publisher relationships linked to your strong identity foundation. Take a look at the points below and find more details on MarTech Today.
- Consumer identity is at the core of how brands manage the value exchanged for access to information.
- More than 70% of digital ad dollars flow to places with direct links to identifiable consumers, not cookies.
- Marketers can partner with walled gardens, such as Amazon, Facebook, and Google, to access identifiable consumer data in order to create seamless, personalized relationships with their customers.
- Consumer identity protects consumer privacy because it connects marketers only with relevant information.
- Entities only know your identity as a consumer, and there’s no data crossover unless a consumer OK’d sharing of information that each brand already has separately.
Virtual Events and the Future of Business Gatherings in the Post COVID-19 Era
Has the event industry changed forever? Depending on your goals in attending or hosting such events, people are rethinking their approach. Take a look at these considerations below and find the full overview on Social Media Today. Additionally, If you’d like to host a virtual event, learn how we can help here.