B2B marketing firm Pardot has just released a fascinating white paper, ‘Using Psychology to Increase Conversions’, which looks into the psychology behind lead generation in the digital realm.
The world of marketing is in flux as a result of digital channels and consumers are demanding a new relationship with brands and purchasing channels. What hasn’t changed is set behavior patterns.
The white paper considers the five psychological principles which a marketer can leverage to provide strong lead generation in an uncertain world.
1. Social Proof
Social proof is simple. Humans are a sociable bunch, and we want to conform. We don’t like to be left out. If a consumer thinks others like your product or service, they will have a stronger desire to approve too.
This is why ratings, reviews and social share numbers all influence a purchase far higher than other forms of standard marketing.
However, this is not just an online mechanic. Put your ratings on your print and TV ads. “Our customers rate this product 4/5 stars”, “1788 customers shared this product features”.
2. Loss Aversion
Humans avoid “loss” and always seek gain. Leverage the missed opportunity syndrome. Limit product available; show cost comparisons. Do this in a positive way “You will save $X on the first 100 products to go within x days” as opposed to focusing on the negative. “It will cost you more $ after the first x day period.”
We all look for comparisons, lists and scenarios. This is why the phenomenon “Click Frenzy” works. We want to grab the deal; we are anchored by the price point and bargains. Discount and add bonuses.
We are social animals, us humans, so encourage social engagement. Once we have taken an action, any action, no matter how small, we are more likely to follow up by taking a bigger action. If consumers share your product, they are forming an attachment, no matter how small. Build on that engagement. Don’t bombard consumers, but slowly build a relationship and the transaction will follow.
We will always trust what we regard as “authority” and expert, especially a well-known and well-regarded one. Endorsement works. Use thought leadership, develop your own authority or collaborate with well-known names to create product and service endorsements.
The digital industry is a game changer, but underneath it, we humans remain much the same.
Fi Bendall is the managing director of Bendalls Group, a team of highly trained digital specialists, i-media subject matter experts and developers.