Behavioural science: five things all marketers need to know

The experience customers have with your brand, at any point in the buying cycle, directly influences the perceptions of the product and services you offer and therefore their future purchasing preferences. This can be a positive, loyalty-building experience or it could have quite the opposite effect if the experience was less than satisfactory. 

In our article ‘The evolving roles of marketing professionals’ it was highlighted that an increasing number of business leaders are shifting their business models to be more customer-centric. With the customer at the heart of all business decisions, companies are better able to meet the changing demands and expectations of their target consumers.

Marketing is the direct line of communication between businesses and consumers. As we strive to create the most engaging campaigns and communicate the messages we want to share effectively, it’s also important to keep a close eye on consumers’ day-to-day habits and listen to what they’re telling us. Behavioural science, or economics, is in essence, the study of the human decision-making process, particularly the factors in the lead up to the purchase of one product or service over another. From these findings, there is an opportunity for marketing teams to better engage with their customers based on the way they make a choice between two options. 
Marketing insights specialist, TrackMaven, is expert in big data and aims to help companies make the most of their analytics. Recently, the team shared their marketing takeaways from behavioural economics and the key points can be employed when making everyday business decisions. So, what are some of the top-line findings that marketing could be leveraging? 
  1. Consumers look to other people for information and advice on what to buy and which services to use. Prioritise your company’s brand image and get social with your customers.
  2. People are more motivated by the prospect of investing to avoid a loss than to gain something new. Highlight what they are at risk of losing if they select another product or service, or choose not to invest.
  3. Consumers place the highest value on items they own, even when compared to similar items. Aspire to evoke an emotional connection between your products or services and the consumer through customisation.
  4. Don’t overwhelm your customers with too many choices. Present only a small group of higher quality options/variations of your products and services. Set an anchored price on your products and/or services. Ensure the first piece of information establishes your offering as highly valuable and desirable. 
  5. Leverage other products to influence a purchasing decision. Offer a third, less desirable and less expensive option when two main choices are available, and advertise them in places where customers are already likely to make a purchase.
Ultimately, your marketing efforts need to be personal, emotive and tailored according to the wants and needs of your target audience. When applied to your specific business needs and consumer habits, behavioural science can be a powerful marketing tool.

The personal experience

We are bombarded with advertising materials everywhere we go. On our commute to work, while we eat our lunch and even when we are in bed checking our social media accounts before going to sleep. The marketing space has never been more crowded. 
People want to hear about products and services that will benefit them and so, tailored and personalised marketing messaging incorporated into your wider marketing campaign is key. Truly understanding the needs, wants and motivations of your target consumers is crucial. There a number of ways to better get to know your customers, in fact, some of the talent you already have on your team may be able to present some of the data you already possess in a way that allows you to do this.
 Key roles might include:
  • Market research 
  • Data analyst
  • Marketing analytics 
  • Customer relationship management 
  • Customer insights  
  • Customer experience 
Your marketing team, regardless of their position, when making any creative or strategic decisions should always have customers front of mind. 
At Michael Page, we strive to deliver the highest level of service to both our candidates and clients. We offer bespoke recruitment solutions for businesses worldwide, from SMEs to global blue-chip organisations. We take the time to understand your business, so we can find the right people to fit your team.  
If you’re looking for a marketing specialist to join your team or would like to discuss how we can help with your recruitment processes, contact your local office today. Alternatively, submit a job spec and one of our expert consultants will be in touch.