According to one theory, not all marketers are psychologists, but all psychologists can be marketers as a deep understanding of psychology makes one a master of marketing. Interesting isn’t it? But how is that possible?
Studying marketing helps in leveraging the human mind to influence shoppers’ behaviour. Consumer psychology is all about studying the buying patterns, preferences & reactions of the end-user which provides an edge in establishing a firm footing while starting a career in marketing and its disciplines.
While marketing a brand, promoters have excelled at empowering consumers with choice, but have also subtly focussed on ensuring that those same consumers buy their products based on various principles of consumer behaviour. Every aspect of marketing has the potential to make or break the customer experience. Today’s shopping journey sees the shoppers at the centre of the universe, with all the industry’s touchpoints orbiting around them. Once a marketer understands the logic behind consumer psychology, the stairway to success is not arduous.
Today, the subject of marketing is powered by technology, the hyperconnected growth of markets and consumer-friendly tech is redefining value and the ease of buying. The traditional measures of cost, choice and convenience are still relevant, but now control, experience & customisation have taken the front seat in determining the success of brands.
Millennials – The New Trendsetters
Millennials have taken the consumer markets to different heights globally. The importance of millennials is increased drastically by their frequent and excessive usage of the internet specifically for the purpose of shopping. A clear demand for value-for-money is emerging amongst the younger consumers. A product is no longer considered premium only due to the high price tag but the brand quality, design & experience they derive out of the consumer journey. To explore the new age careers in marketing, the study to understand in-depth how consumers shop is extremely relevant, for example, to know the concepts of word of mouth, online reviews, hybrid marketing model etc. Millennials prefer the value & experiences over the physicality of a product. Social media has given voice to countless users who can instantly provide feedback to brands. Leveraging social media to drive conversations and build a repo with the brand has become the latest millennial trend.
Anyone wanting to venture into the world of marketers, should look at the existing markets and brands to dvel further and explore new strategies. Take a look at the most used factors by the industry to grow in their chosen products –
- Colours –
Colour plays an important factor while categorising shoppers, as the set of Red, Orange, Black & Blue colour represents the Impulsive shoppers. Teals & Navy Blue colours are said to be shoppers on a budget and the colours Pink, orange & sky blue are known as the Traditional Shoppers.
Think about the logos of McDonald’s, Burger King, KFC, Wendy’s, Pizza Hut. What do you find common among all these? One major similarity is the colour that they use. The science behind using these colours is called Ketchup and Mustard Theory. Both these colours encourage viewers to eat. The combination of these 2 colours creates the perfect combination of emotions and feelings to make people feel hungry.
- Sounds & Music –
Shoppers perceive a shorter wait time when they hear music that they like, music works in favour of the marketers as shoppers are said to linger in a store to finish hearing a song they specifically enjoy. Sounds are also a great way to segregate the different types of products. For example, classical music in a wine store influences shoppers to purchase more expensive merchandise. Victoria’s Secret plays soothing music in its stores as it facilitates conversation between shoppers and consultants.
- Smell –
Common scents can affect shoppers’ purchasing journey as it creates a recall value: Leather and cedar – make one think of expensive furniture, Freshly baked goods – make one feel hungry, Floral – make one browse longer and spend more on luxury goods. Many brands use various scents to derive their sales like Hugo Boss- uses a musky smell with a citrus hint in all its stores as a signature memory trigger.