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mim903959
Mar 05, 2022
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We've already covered how psychological principles can help shape and optimize brand communications, including referral marketing campaigns. In truth, there is a whole universe of theories and heuristics that belong to the broader field of behavioral economics. Behavioral economics essentially describes the effects of psychological, social, cognitive, and emotional factors on human economic decision-making. This obviously includes the Phone Number List dynamics of the purchase decision. And for that reason, having a good understanding of some key “cognitive triggers,” rooted in behavioral economics theory, is a good idea for any online marketer. Let’s take a closer look at 3 of the most well-known “cognitive triggers” and how they can be applied to your marketing efforts…3 cognitive triggers to increase conversions Anchoring and the decoy effect What is that? Anchoring describes the power of the Phone Number List opening offer, when presented as part of a series of options. That is, the first option presented to a recipient “anchors” expectations so as to serve as a benchmark for all subsequent offers. So if the highest price is presented to a customer first, it becomes the benchmark for the subsequent negotiation. For example, a customer buying a new suit may wince when presented with a £1000 option for the first time, but if then presented with a £500 suit they may be more willing (even if first walked into the store with a £300 budget in mind). A variant of the anchoring theory is the decoy effect. When two distinct offers are on the table, the presence of a third “decoy” option increases the Phone Number List attractiveness of the most valued offer. You see that a lot in the publishing world. For example, let's say you want to subscribe to a magazine. The following options are available to you: Digital Edition: £59 Digital and print: £125 If your primary interest is value for money, you can very well conclude that while a physical copy in the mailbox is nice to have,
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