Marketing – A Human Psychology Primer

 

In an analysis of consumer behavior called “Tightwads and Spendthrifts,” Rick, Cryder, and Loewenstein identify that the level to which people will invest is determined by the psychological “pain” that the spending causes. Folks will commit, they argue, till it hurts. Get much more details about Ryan Bilodeau CoFoundersLab

In specific, they recognize 3 kinds of people:

The “unconflicted,” or the largest group, invest an average amount of dollars before discomfort ensues. For these individuals, marketing must sway them to increase their discomfort threshold.
The “spendthrifts’ invest readily and simply. Regular marketing procedures could be employed to attract this type of customer.

The hardest men and women to attain would be the “tightwads” who take loads of persuading to aspect with their money because they hit the discomfort threshold sooner. Minimizing the buying pain for this group is the secret to good results.

The book you might be reading bases all of its marketing approaches on this premise laid out by Rick, Cryder, and Lowenstein. Selling a product to a person calls for the marketer, I contend, to find strategies to move the meter of one’s pain threshold by suggests of some sort of reframing. And what could possibly be additional potent inside the task of reframing discomfort than by tying our spending habits to our quite identity? The athlete who runs till he or she can hardly walk views the lactic acid accumulating in their legs not as pain but as an investment in future glory around the field. The law student who pulls an all-nighter studying for an exam is not experiencing the low of pain, but is as an alternative preparing for the higher of results within the classroom.

So when the marketer frames the product in such a way that spending is tied to a bigger truth about the identity of the customer, then there ceases to be a pain threshold for the reason that there ceases to become any discomfort at all. Buying a solution isn’t observed by the consumer with regards to just how much it drains from one’s bank account, you see, but is as an alternative noticed in terms of just how much it adds to one’s identity.

The rest from the book lays out for the reader 4 on the most potent facets of our identities as they relate to our consumerist tendencies: persons today are specially inattentive, trendy, needy, and tribal.

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