BEHAVIORAL SCIENCE – Marketing with Science
I spent an hour today listening to a webinar sponsored by the magazine, Target Marketing. The title of the webinar was Personalization, and within the presentation were several thoughts that I will summarize today. (The Webinar will be available on line for the next 90 days, and if you would like to listen to it send me an e-mail request and I will send you a link.)
- Behavioral Science – understanding what really drives human behavior.
- We have traveled from the Manufacturing Economy to the Service Economy and now to the Experience Economy.
- Too often we try to sell “rational” information. The economic approach assumes that the more information given the better our chances of making a sale; in reality, both B2C and B2B buying decisions are more emotional than rational.
- Friction needs to be eliminated; our goal is to find the path of least resistance for a prospect to purchase our product.
- Working memory: our message usually goes in one ear and out the other. The average adult can only hold a few “chunks” of information at a time. In other words, provide your information in manageable chunks.
- Buried in the seminar was the need for a “hook”, and that it should be consistent throughout all your marketing messages.
- Close to my heart was the importance of the “narrative Bias”: what is the story behind the brand? It was recommended that you weave your benefits into your story. Steve Jobs was quoted as saying: “The most powerful person in the world is the story teller.”
- Studies show that Personalization will:
- Reduce customer acquisition cost by up to 50%
- Increase revenues by up to 17%
- Increase marketing efficiency by up to 30%
- An e-mail or a “constant contact” mailing with the person’s first name is no longer sufficient to be called “personal.”
I consider this topic extremely important as we re-invent ourselves and our products/service. Everyone has changed due to the Pandemic, and it’s a long way from being over. Since my June 4th blog on Personalization, I have been trying to stress its importance along with being more innovative in our marketing.
I encourage you to invest an hour of your time and learn about a different marketing point of view.
Comments are closed