When it comes to money transfer, we tend to opt for a service that is secure. PayPal thought the same as well, until they did a neuromarketing research and found that their audience preferred speedy services over safety. A real curveball, right?
In case you are wondering how neuromarketing works, let’s take a quick dip into the 100 billion neurons. Before the big launch, brands conduct tests on the human brain with the help of fMRI and EEG. We know it sounds like a big crossover and that’s what it is. EEG sheds insights into the emotions of the person when they are exposed to the ads, whereas fMRI gives access to the deeper parts of the brain.
Let’s start with a story, and don’t worry, the moral of this story will be revealed to you by the end of this article.
Deb, an ambitious entrepreneur, started a tiffin service business. The business had a good response because it was yummy and cheap. After a year, Deb advertised his business. In it, he used the colours purple and brown because they were his favourite. The audience perceived the service to be a premium one and as a result, he couldn’t attract new customers. The money he spent went useless and he had to close his business. The worst part of the story is that we miss their tasty food.
We certainly don’t want the same to happen to your business. That is why we put together a few pointers to help you drive your sales up and save you a few bucks. Our favourite is the fifth one.
1. Simple makes them buy
Fonts happen to have a major impact on the purchase decision of the consumer. The harder it is to read the less likely your product will be bought. Plus, they don’t want to waste their time trying to understand the words. It’s highly recommended to use simple fonts in your product packaging.
2. Colour is the key
The problem in Deb’s story is the colour he chose for his service. Purple and brown represent luxury whereas his audience were the working class. Colour must depict the type of service or product your business is providing because colour sends a message to the subconscious mind.
3. Smiles put money into your pocket
The model’s facial expression in the ad can affect the mood of the audience. Choose pictures where the model is smiling. Plus, no one wants to see an angry dude staring at them.
4. Fear clouds judgement
We have all seen the phrases like “Buy before sale ends”, “Bookings are almost full”, “One time offer”, etc. Well, this comes from the loss aversion theory. The pain of losing is greater than the joy of winning. People so badly don’t want to regret missing a great deal that they buy it without any second thought.
5. Pricing; the ultimate deception
Everybody knows that when the price tag says Rs.99, it actually means Rs.100. They also carry a pride that marketers cannot fool them.
Uber’s head of economic research said that people were more likely to book a cab when the pricing was around Rs. 226.37 rather than, when it’s Rs.200. This is because when we see the price to be rounded off, we often think there is room for negotiation since it seems like there was no effort made in the pricing. But when it’s not rounded, we perceive it to be precisely calculated and priced. The takeaway here is that, if your customers always bargain, instead of pricing your product or service as Rs.99 or Rs.100, change the price to Rs.116.72. It’s simple money without the hassle of bargaining.
In essence, the moral of this story is, when you want to jump into the complex world of advertising, you’d be best advised to come to us at Circuit 9.