Why is psychology in marketing important?
Research highlights that psychology and marketing are connected. For the Entrepreneur, the advantage in knowing this is in the execution of their sales strategy. Not all small businesses have big marketing budgets, so marketing and planning the spending is crucial.
We aim to help small businesses generate sales and maximize profits in your corporation, the same way larger corporates do! The article looks at how entrepreneurs can use psychological principles to their advantage, such as understanding consumers’ needs and desires.
Things to consider:
Do you really know your target market? – It’s not a trick question!
What do you know about your target market? Sure, you have an idea about who you are selling to – but what else do you know about them?
In understanding everything there is to know about your target market, you are not only able to constantly place your product in front of your ideal consumer, but you are also able to convince them effectively that your product fills their need. So what should be considered?
Where are your customers buying? – Online, in-store, or through a partner are essential bits of information for your product placements. Are you advertising in these places?
What do they usually buy? – Are there possible partnership opportunities here? Do you have to consider competitors here or consider the threat of substitute products? Do you measure your market share?
Why do they usually buy what they do? – What needs are your customers filling through their purchases?
Whom do they communicate with? – Your customer’s family, friends, and social media connections will most likely hear about your product that fills their needs. So who are these people, and how can you capture that market too? What role can influencer’s play in your marketing plan?
How do they buy? -This focuses on the transaction and payment methods, i.e., EFT, reward programmes, or impulse buys? Should you be considering new ways of product messaging?
Where are they making decisions to buy? On the road, in the car, at a store? Online?
How often do they buy? How can you get them to keep coming back to purchase from you? Do you offer reward benefits? Are you focusing on your customer satisfaction index?
And you may also want to spend some time understanding why they buy your product and if you are considering the difference between the customer and consumer. There may also be a need to relook other areas and opportunities of your strategy if critical information arises from understanding your customer.
The translation into sales:
With all this information about your customer at your disposal, use it strategically to spend your marketing budget. If this article has been helpful, imagine what could happen to the rest of your business if you start your business with B.E.T – your digital business manager and advisor! Why not visit www.yvrbet.com to find how to maximize profits in your corporation?