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- In this episode,
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I'm gonna unpack 15 different
psychological triggers
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and cognitive biases that we,
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as marketers, use on a
pretty much daily basis
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to help influence and
persuade and guide people
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in the direction that we want,
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which is typically to buy stuff.
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Now, if you have a business
and want to get more customers,
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more clients, and more
sales, these will help.
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And if you work for a business
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and want to get them more customers,
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more clients, and more sales, well,
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these will help.
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And if you've ever shopped at a business,
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well, these cognitive biases
and psychological triggers
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are important for you to know
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so you can arm yourself against
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unethical and unscrupulous marketers
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trying to sell you things
you just don't need.
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But I must say these principles,
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these psychological triggers
and these cognitive biases
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are so powerful that even when you know
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they're actively being used against you,
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you still can't stop 'em,
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like some kind of weird marketing magnet
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that just draws you in
and takes all your money.
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All right, so let's get to it.
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All right, so the first
psychological trigger
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cognitive bias that
you need to be aware of
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is something known as the halo effect.
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Essentially, the halo effect
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is really just a fancy term
for that first impression bias,
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or the fact that the first impression
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that you have with a brand
or a business or a person,
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well, it's going to influence
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all of your future
interactions with that brand
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or person or business,
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and is gonna influence them a lot.
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Basically that first impression,
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that first exposure to a message
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or a person or a brand or a business
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is so heavily weighted
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that it's going to color and influence
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and really direct all of your attitudes
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and beliefs and understandings
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about this person and about
this business moving forward
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and well into the future even,
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even if they're wrong.
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This is why as marketers,
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it is incredibly important
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to really make sure that you're evaluating
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all of your marketing,
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specifically those first touch points,
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those first interactions
that someone could have
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with your brand or with your business,
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and really make sure
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that you're putting
your best foot forward.
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But there's another advantage
as well to really making sure
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that you're making a positive
first impression with someone,
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and that is that it's going to buffer
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against any future possible
negative experiences.
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And really that's where a lot
of brand loyalty comes in,
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is that if you're able to
get the relationship started
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on a really solid foundation
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and really get it started
on that right foot,
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well, it's going to help protect
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if something just doesn't go
quite right, moving forward.
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Your client, your customer,
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are still going to
perceive you and your brand
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and your business as more positive overall
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if that first impression worked out well.
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Thank you, halo effect.
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All right, and while on the
topic of first impressions,
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the next cognitive bias
we need to take a look at
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is the serial position effect.
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The serial position effect
essentially just says
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that the very first piece of information
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and the very last piece of information
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are going to be taken and remembered
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and viewed as far more important
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than basically everything
else in the middle.
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This is why as a marketer,
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I'm so obsessive about
the customer journey
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and about the marketing funnel
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and really dialing in not just every step,
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but specifically that first step
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where we're putting our foot forward,
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a lot of stuff about feet today,
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and introducing ourselves
in the best way possible
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with a strong message and a
really clear call to action,
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as well as that final piece of the puzzle,
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that final call to action that gets them
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to essentially take
some kind of purchasing
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or buying decision or whatever it is
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that's in your conversion funnel.
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In fact, I'm using the serial
position effect right now.
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It's the reason that I
started out this video
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with the halo effect because
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I know that it's an important
one for you to remember,
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and it's going to help to guide you
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and sort of push you in the direction
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of prioritizing your marketing,
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really making sure it's dialed in,
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and then I'm gonna wrap it all up
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with what I believe is one
of the most important things
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that you need to be aware of as well
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so that it sticks in your memory.
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And on the topic of creating
memorable experiences
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and things that are
actually going to stick with
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and resonate with your clients.
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Well, it leads us to the
next psychological trigger,
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or cognitive bias known
as the recency effect.
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The recency effect essentially
just says that we as humans,
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well, we tend to give higher weight
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or more authority or more importance
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to the most recent bit of
information that we've received
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rather than all the
stuff we've heard before.
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This is the reason that
one of the core strategies
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or core principles behind pretty much
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everything I do when I'm creating
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strategic marketing campaigns
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comes down to ways of increasing frequency
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and increasing touch points,
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and essentially increasing the recency
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or how recently someone saw or heard
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or engaged with some kind
of marketing content.
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To put this in perspective,
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let's just say that we're
thinking about your client
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or your customer out
there living their lives
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doing their thing,
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and you've got your business
and your competitor's business
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both trying to get in front of them,
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both trying to win their business.
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Well, if one of you is going
to be creating more content,
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more marketing, and more messages,
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there's a higher chance
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that they're going to see
these things more recently,
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which is going to impact
their decision making
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and essentially evaluate the information
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they get more recently as more valuable.
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I think that all made sense.
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Basically, if they see
your stuff most recently,
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they're gonna think it's more important,
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but there's another way
that you can take advantage
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of that cognitive bias
and turn it up a notch,
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making it even more effective
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with our next psychological trigger
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known as the mere exposure effect.
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Essentially, what the
mere exposure effect says
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is that the more somebody sees something,
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the more familiar they are with it,
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the more often you're appearing
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in front of your clients and
in front of your customers,
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well, the more they're
going to naturally like you
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and trust you,
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both of which are unsurprisingly
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incredibly important to build a solid
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and sustainable business.
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So by trying to appear more
often in front of your customers
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and in front of your clients,
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you kind of get to kill
two birds with one stone.
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What a terribly morbid analogy.
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You get to show up more recently,
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meaning that they're going
to trust your message
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and view it as more important
and holding more weight,
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and you're also gonna take advantage
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of the mere exposure effect
by showing up more often,
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which naturally leads
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to an increase in likability and trust.
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This is why when it comes to marketing,
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more really is more,
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especially if we're trying
to increase frequency
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and increase touch points.
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Now, this doesn't mean you need to create
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completely unique content
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across all of the different platforms.
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You can reshare and recycle
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and take away pieces from different parts
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and share it on different networks
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and automate the entire process
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so the whole thing happens on
autopilot behind the scenes,
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but you do need to do it,
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and this means a little bit of groundwork
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right up front to set up the whole system,
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and then it can serve
you for weeks, months,
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and maybe even years to come.
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All right, now let's hit our next one,
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which is all about loss aversion.
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This one is relatively simple
and should come as no surprise
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that people hate missing out on stuff.
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FOMO, or the fear of
missing out, that's real.
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This is why one of the most important
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and one of the most
valuable tools that you have
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at your disposal as a business owner,
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an entrepreneur or a marketer,
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is using some form of scarcity or urgency
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or essentially some kind of incentive
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that's going to disappear
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if they don't take action
and take action soon.
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What this means is setting
some kind of deadline
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or some kind of limited supply.
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Obviously, make it real, make
it genuine, make it authentic.
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There's no room for fake deadline timers
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or any of that nonsense here,
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but given the option of taking action now
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or putting it off until later,
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most people put it off until later
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and typically later means never.
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All right, next, let's take a look
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at the compromise effect.
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Now, the compromise effect
essentially just says that well,
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people are busy and got a
lot of decisions to make,
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and often it's hard,
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if not impossible to evaluate
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all kinds of different selections
and options and criteria,
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so if given the choice,
they'll tend to compromise.
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What this means for you is
that if you have a product
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or a service or something
you're trying to sell,
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well, you're typically better
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to break it into two or
three different options,
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maybe a low priced option,
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a middle priced option,
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and then a high priced option.
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The key here is to put the
one that you want to sell most
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in the middle as the
compromise option essentially,
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because this is the one that's
going to get the most clicks,
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the most traction, and the most sales.
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There's an added bonus as well
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in that by having a higher
priced option, well,
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you're gonna capture
10 to 20% of the market
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that always wants the premium option
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and 10 to 20% of the market
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that always wants the budget friendly
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or more economical option,
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and there's a way you can
make that middle option,
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the compromise option, even more appealing
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simply by labeling it most popular,
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which takes advantage
of the bandwagon effect,
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but I'm getting ahead of myself.
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We'll get to that in just a second.
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The other way to make
that middle price option
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seem that much more valuable
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and that much more of a good deal
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is by putting that higher priced option,
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well quite a bit higher
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and taking advantage of a
principle known as anchoring.
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Essentially, what anchoring
does is it takes advantage
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of the first piece of information
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or the first price that someone sees
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as kind of a a mental anchor
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that they're going to use to compare
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all future prices or
future options against.
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This is why if the first price
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that you can present to
someone is incredibly high
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or incredibly expensive,
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well, everything that comes after that
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is gonna seem a whole
lot more budget friendly,
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a whole lot more approachable.
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Plus, when comparing things side by side,
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let's say you do have those
three different priced options,
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and the high priced option,
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which was anchored first is
just incredibly high priced,
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well, it'll make that compromise option
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seem like a really, really good deal.
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Plus anchoring like most of
the psychological triggers
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and cognitive biases I'm
sharing with you here today,
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well, there's a little bit of overlap
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between the serial position effect,
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which gives more weight to
the first and last pieces
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of information someone sees,
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as well as the recency effect,
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which is the most recent
piece of information
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that someone's heard.
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Basically, with anchoring,
like with the serial position,
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or with the recency effect,
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people tend to be a little overreliant
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on this kind of information, which again,
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biases their future decision making.
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Okay, let's move on to the next one,
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which is all about choice overload.
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So in the previous couple examples,
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we talked about three different options,
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low price, middle price, high price,
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but what if you wanna go more?
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What if you want all the
prices, all the choices,
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all the options?
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Well, you may be shooting
yourself in the foot.
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This is because when we
have too many choices,
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well, essentially we limit the odds
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or the chances of someone
doing any of them at all,
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and if they do take action,
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it's more likely they're
gonna be disappointed
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with the choice that they made.
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It's the ultimate lose-lose
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where they're unlikely to make a choice,
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and if they do make a choice,
they just ain't happy.
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Now, there are a number of
studies that go over this.
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The most famous one is
the jam tasting study
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where they laid out a
ton of different jams
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and they laid out just
a few different jams,
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and when they laid out all of the choices,
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very few people bought,
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and when they laid out just
a few different kinds of jams
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many people bought.
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As a marketer, your job is
to eliminate the confusion,
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to simplify things for your
customer and for your client,
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not because they're not smart
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and unable to do the
thinking for themselves,
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but because they are smart
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and the way that their
brains naturally work
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will be to overanalyze
and over process things,
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which will often lead to inaction.
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So that's where you step in.
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You design a customer journey,
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you think through the process,
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through the choices
they would need to have,
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the information they need
to receive at every stage,
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and then you design the marketing funnel,
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or the sales funnel or
the customer journey
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to help walk them through
every single step.
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All right, next up, we
have the framing effect.
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This, I guess like all of them,
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is kind of another favorite
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and one that I use pretty
much every single day,
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which is essentially just framing
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or positioning your offer or your message
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in a way that makes it more attractive
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to the person that
you're trying to talk to.
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Here's the classic example
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that's often used to
describe the framing effect.
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Let's imagine for a second
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that you've recently been diagnosed
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with a terrible medical condition.
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Sorry to hear.
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This isn't a very fun exercise.
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And two doctors come to
sort of lay out the options
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and let you know what
the odds of success are
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for a couple different
kinds of treatments.
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Doctor A says, well,
with proper treatment,
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you have an 80% chance of recovery,
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going on to live a happy, normal life.
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Doctor B comes in and says,
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there's a 20% chance that
it's not gonna work out
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so well for you, and we better
start making final plans.
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Now, here's the thing.
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Both of these pretty much
said the exact same thing,
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80% chance of recovery
or a 20% chance of death,
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and yet because they were framed
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in the possibility of a recovery
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versus being framed as a
a very negative outcome,
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well, most people, like
lot of most people,
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well, they went with Dr. A.
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This is why it's important
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when you're creating
your marketing message
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that you're framing things appropriately
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in a way that connects with your clients
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and with your customers,
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and yes, of course talks
about their problems
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and their pains and their frustrations,
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but also frames them in a way,
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kind of spins and positions them in a way
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where success and a solution is possible
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and is possible for them.
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After all, one of the biggest
and most important lessons
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in all of marketing is that
it's always about the client.
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It's always about the customer.
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It's always about who you're speaking to,
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what their needs are,
what their pains are,
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what their frustrations are,
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and how you can communicate
the solution to them,
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and on the topic of them
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and the people you're trying to serve,
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we'll move on to the next cognitive bias,
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which is the IKEA effect.
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The IKEA effect is an amazing phenomenon
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where essentially people
just value things more
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when they get to play
a part in its creation.
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The classic study that was done on this is
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they had a group of participants
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built a bunch of little Lego creatures,
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little bionicals.
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Anyway, people built these things
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and then were asked to
assign of value to them,
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and unsurprisingly, they assigned value
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to the ones that they
created as worth more money.
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Essentially, the mere
fact that they spent time,
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they spent energy, they were
now a part of this process,
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made them perceive that
these little Lego creatures
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were worth more than they actually were.
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Now, the marketing key here
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is to incorporate and to include elements
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of engagement and connection
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and including your
clients and your customers
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and your audience and the
people you seek to serve
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in as much of the creation
process as you possibly can.
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This is why I'm such a big fan
00:13:42
of asking for feedback
and asking for comments,
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and asking for surveys
and guidance and advice,
00:13:49
and anything I can do to
keep the conversation going.
00:13:52
On that note, be a perfect time to ask you
00:13:54
to smash that thumbs up button
00:13:55
and make sure to leave me
a comment below this video
00:13:58
with what your biggest takeaway is so far
00:14:01
from all of the different cognitive biases
00:14:02
that we've talked about.
00:14:03
And just for doing that,
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I want to thank you in advance
00:14:06
because you're such a smart
and capable and amazing person.
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Now, of course, I believe that.
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I know you're smart.
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I know you're amazing,
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and I know you're capable,
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but what I also just did there
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was take advantage of a cognitive bias
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known as the Pygmalion effect,
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so let's talk about that now.
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The Pygmalion effect, also
known as the Rosenthal Effect,
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is essentially the cognitive bias,
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psychological trigger
where high expectations
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lead to better performance
and better results.
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Basically, when you
put higher expectations
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on the people that you serve,
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on your clients, on your customers,
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as well as on your
friends and family, well,
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the result tends to be higher performance.
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This is why treating your
clients and customers
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as smart and capable
and respectable people,
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well, it's not just kind of common sense,
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but it actually turns out
00:14:49
to be pretty good
business practice as well,
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because in return,
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they're more likely to act smarter
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and more capable and more respectable,
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which is good for you, good for them,
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good for everyone.
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But you already know that, right,
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and that leads us perfectly
to our next cognitive bias,
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confirmation bias.
00:15:04
What the confirmation bias
says is that we as humans,
00:15:07
when we receive new information, well,
00:15:09
we tend to run it through
a certain kind of filter
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where it confirms and sort of affirms
00:15:15
the beliefs and the identity
that we already have.
00:15:18
Basically, if you read something
that's relatively neutral,
00:15:21
doesn't take a position
one way or another,
00:15:23
well, you're more likely to view it
00:15:25
as taking your position
and supporting your views,
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whereas someone else who has
the complete opposite mindset
00:15:30
or complete opposite beliefs
00:15:31
provided that article
or that piece of content
00:15:34
is relatively neutral, well,
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they're gonna believe
00:15:36
that it supports their
views and their beliefs.
00:15:39
Understanding this, and
you can really start to see
00:15:41
how people get into such hot water
00:15:43
with different views
and different beliefs.
00:15:45
Now, the key here and the way
to tap into confirmation bias
00:15:48
is to first really understand
your ideal target market,
00:15:51
that person that you wanna serve
00:15:53
and that really wants
to do business with you
00:15:55
and understand what makes them tick,
00:15:57
what do they believe, who
do they feel they are,
00:15:59
what do they want and
what do they not want?
00:16:02
When you do this,
00:16:02
you're able to frame pretty
much all of your future content
00:16:06
and really allow them
00:16:07
to just start nodding
their heads in agreement
00:16:09
with everything you say
00:16:10
because you're confirming
things that they already believe
00:16:13
making you seem more relatable
00:16:15
and more authentic and more likable.
00:16:17
When you're able to confirm
someone's beliefs as right
00:16:19
and affirm their identity as right, well,
00:16:22
they really start to buy in,
and this is powerful stuff.
00:16:25
All right, next, let's talk
about the Peltzman effect
00:16:27
or risk compensation theory.
00:16:29
It's actually also known
as the zero risk bias,
00:16:31
but names aren't important here.
00:16:33
What is important is understanding
00:16:35
just how much people don't
want to take any risks.
00:16:38
Now, I kind of touched on this
00:16:39
when we talked about loss aversion,
00:16:40
but this is essentially
taking your marketing
00:16:43
and your messaging not extra step further,
00:16:45
really making sure that your offer,
00:16:47
your business is as low
risk or no risk as possible.
00:16:51
Basically, if given the choice
00:16:52
between a business or an offer
that had some element of risk
00:16:56
and a business or offer
that had basically no risk,
00:16:58
well, most people, if not all of them,
00:17:00
are gonna go for the no risk one,
00:17:02
so how can you overcome
this level of risk?
00:17:04
Well, the obvious answer
00:17:05
is by including some kind of guarantee,
00:17:07
money back guarantee, 30 day
guarantee, whatever guarantee,
00:17:11
but sometimes you're not in a
position to offer a guarantee,
00:17:14
in which case you really
have to double down
00:17:17
on your marketing, specifically
the social proof elements,
00:17:20
by providing testimonials and case studies
00:17:23
and proof of results,
00:17:24
and basically just saying that
what you're claiming is true
00:17:27
is actually true.
00:17:28
Also, doing your best to
establish trust early and often
00:17:31
throughout the relationship
00:17:32
and taking advantage of that halo effect
00:17:35
by making sure that that first impression
00:17:37
is a good one by again,
00:17:38
putting your best foot
forward, again with the feet,
00:17:41
with a nice and clean and
professional design and message,
00:17:44
and essentially
presentation to your market.
00:17:46
The beauty is, is that when you do this,
00:17:48
especially when you're
able to tap into elements
00:17:50
of social proof,
00:17:51
which is essentially just
showing that other people,
00:17:54
like the people you're trying to serve
00:17:55
have done this and they've been okay,
00:17:57
well, you're also tapping into
00:17:58
another psychological trigger
known as the bandwagon effect.
00:18:01
The bandwagon effect is all about doing
00:18:04
what other people do.
00:18:05
Like my mother used to ask me,
00:18:07
if all the cool kids jumped off a bridge,
00:18:08
would you jump off a bridge too?
00:18:09
And according to the bandwagon
effect, yes, yes, I would,
00:18:13
and I wouldn't be alone.
00:18:14
Most people would join me if
all the cool kids were doing it
00:18:16
because that's what we do as humans.
00:18:18
We look to other people,
00:18:20
especially people that are like us
00:18:21
or that we aspire to be like
00:18:23
in order to help us make decisions.
00:18:25
This is why providing
elements of social proof
00:18:27
and testimonials and showing
others who've gone before
00:18:30
done the same things and
had great results from it
00:18:33
is such a powerful motivator
to get someone to take action.
00:18:36
The more proof that you can show
00:18:37
that other people have
had success, the better,
00:18:39
and the closer that these
people match the identities
00:18:43
or beliefs or values or appearance
00:18:45
of the people you're trying to reach,
00:18:46
well, the better as well.
00:18:48
After all, what you're
trying to overcome here
00:18:50
is the objection that people
like me don't do that,
00:18:52
and if you're the one that's
able to say, oh, yeah, they do,
00:18:55
people like you do that all the time.
00:18:56
Your business will grow.
00:18:58
All right, next, let's
talk about blind-spot bias,
00:19:00
which of all of the biases
00:19:02
and psychological triggers
we've talked about,
00:19:04
this one is perhaps my favorite
00:19:06
and also the most interesting.
00:19:07
Basically, what the blind-spot bias says
00:19:10
is that all of the things
that I've just talked about,
00:19:12
including a ton of other cognitive biases
00:19:14
and psychological triggers I
didn't have time to get to,
00:19:17
while all of them are invisible
00:19:19
to the people that
you're trying to talk to.
00:19:21
They don't know they're happening.
00:19:22
They're so deeply rooted
in our fundamental makeup
00:19:25
and are psychology as human beings
00:19:27
that we can't recognize
00:19:29
when they're actively
being used against us,
00:19:31
even when we're being told
they're being used against us.
00:19:34
Yes, that's right.
00:19:36
Even if someone is to come
out and tell you, hey,
00:19:38
don't let anchoring impact
your future decision,
00:19:41
well, it still seeps in.
00:19:43
This is because our brains
are busy, busy places,
00:19:46
and we have to rely on
these mental shortcuts
00:19:48
to quickly evaluate information
and help us make decisions.
00:19:51
Now, of course,
00:19:52
the best way to use all
of the cognitive biases
00:19:54
and psychological triggers
00:19:56
that I've discussed with you here,
00:19:57
the best way, and also
importantly, the most ethical way,
00:20:00
is to make sure that you're building them
00:20:02
on a solid marketing foundation.
00:20:03
And this is why the next
thing you're gonna want to do
00:20:05
is check out the video I
have linked up right here
00:20:07
on Introduction to Marketing,
00:20:09
so make sure to check that out now,
00:20:11
I'll see you in the next episode.
00:20:12
Marketing helps people
solve their problems
00:20:14
by clearly defining and
delivering solutions
00:20:17
and really explaining the
benefits of those solutions
00:20:19
so they can get better results.
00:20:20
(rock music)
