we have decades of research in behavioral science that tells us that predicting what individuals are going to purchase is logistically impossible. We can predict what large groups of populations are going to buy and that’s what makes it possible to stock grocery stores with the right assortments based on where they’re located. But knowing exactly what Sarah Marzano is going to purchase on her next grocery order is nearly impossible.
We market to abstract groups.
We sell to individual humans.
Handy chart for your channel mix planning from EMARKETER.
As always, what’s old is new again.
The key is figuring out where we are in that looping cycle.
Are you trying to influence Culture or a culture?
The scale is different. The distinction matters.
There is nothing but micro trends these days. Sometimes, things bubble up, and they capture the imagination of pop culture…but then they last for a really short time. In that environment, how do you really set yourself up to influence culture?
If your marketing is going to be trend-based, that requires a particular discipline and dedication.
Pick a direction and go all in. Half measures are where the true losses happen.
via The Sociology of Business from this chat (youtube link)
Get weird!
McKinsey study found that companies that prioritize creativity have 67 percent higher organic revenue growth than those who do not. Yet, creativity, despite its superior business value, is often siloed in “creative” departments like marketing, design or creative. Creativity is a company-wide mandate
via The Sociology of Business from this conversation (youtube link)
Nudge podcast: A surprisingly effective way to persuade (almost) anyone
- The power of identity (people like us, do things like this)
- Conforming to status
- It’s all mimicry
Being a mirror that looks like a window.
Running sales is a short-term solution that can create long-term problems.
Discounting Trains Customers to Devalue You → Short-term revenue spikes don’t build sustainable customer behavior. Your audience starts waiting for sales instead of buying on impulse.
Discounting is lazy. The best brands make full-price irresistible.
via Buyology
When messaging your product, don’t say what’s missing.
Renaming the “𝐦𝐞𝐚𝐭-𝐟𝐫𝐞𝐞 𝐛𝐫𝐞𝐚𝐤𝐟𝐚𝐬𝐭” to “𝐟𝐢𝐞𝐥𝐝-𝐠𝐫𝐨𝐰𝐧 𝐛𝐫𝐞𝐚𝐤𝐟𝐚𝐬𝐭” made diners 200% more likely to pick the plant-based option.
&
renamed “𝘤𝘢𝘳𝘳𝘰𝘵𝘴 𝘸𝘪𝘵𝘩 𝘴𝘶𝘨𝘢𝘳-𝘧𝘳𝘦𝘦 𝘤𝘪𝘵𝘳𝘶𝘴 𝘥𝘳𝘦𝘴𝘴𝘪𝘯𝘨” to “𝒕𝒘𝒊𝒔𝒕𝒆𝒅 𝒄𝒊𝒕𝒓𝒖𝒔 𝒈𝒍𝒂𝒛𝒆𝒅 𝒄𝒂𝒓𝒓𝒐𝒕𝒔”.
Doing so increased sales of the carrots by 25%.
Why? Loss aversion. Losses hurt more than gains feel good, even if we say we want less of thing (e.g. sugar).
caveat: disregard this if what your product is missing is what you’re turning into an enemy to stand against (e.g. Liquid Death’s death to plastic tag).