The TL;DR May 19, 2020

2 minutes
TL,DR Bite-sized industry updates

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.

The TL;DR

  1. 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.
  2. 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.
  3. 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.
  4. 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.

The TL;DR

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.

Infographic explaining Virtual Events in the COVID-19 era.