Reciprocity. It’s an ancient and powerful social norm — and one that exists in every form of society. Here’s how marketers can genuinely use it with integrity.
The way anchoring works is simple. When we need to make an estimate, we look for and are influenced by a familiar position. It doesn’t matter where this familiar position comes from, and often we’re not even aware that we’re basing our answer on it. But once an anchor is set, we are biased toward interpreting other information relative to the anchor. And that can cause our brain to make the wrong assumptions. Founder Hamid Ghanadan shares a few ways marketers can use anchoring to help their audience make decisions.
Humans desire scarcity. Whether it’s a bar of gold, a Pumpkin Spice Latte only available in the Fall or early access to a social-networking service. If it’s rare, our primal brains want it. And the more scarce we perceive something to be, the more we desire it. So in a noisy world inundated with content that’s available just a click away, marketers just might be able to cut through the clutter by using exclusivity and scarcity as a part of their marketing strategy.
Our brains simply don’t have the bandwidth to evaluate every single decision, that’s why it looks for authoritative voices to tell us what to do. But did you know that our brains will react to a signal of authority, no matter who it comes from, with the same level of effectiveness?
Why is it that losing out on something is twice as action-inducing as gaining something? This is our brain leveraging the loss aversion heuristic. Because at the end of the day, people would much rather sacrifice a reward than lose something they have … or even perceive that they have.
Because an event happened more recently, our brain will overestimate its relevancy, and in turn, deem it to be more significant. That’s because, to make decisions, our brains rely on what comes to mind quickly. In this episode of Catalytic Results, Hamid Ghanadan breaks down the influential power of the availability heuristic.
In the next episode of Catalytic Results, Founder Hamid Ghanadan demonstrates how marketers can always get an idea of how their audience will act, or how they will make a decision, or what they will buy? It’s how people have acted before.