[Replay] Marketing Psychology: 5 Little Known Facts About Consumer Behavior in Advertising

<h2>What is marketing psychology?</h2> <div>When it comes to digital marketing it's easy to drown ourselves in endless data analytics, campaign results, and market research. But marketing boils down to one thing only--humans. Marketing psychology is the study of consumer psychology and the reasoning behind why we make decisions.</div> <h2>Who is Richard Shotton?</h2> <p>My guest today is Richard Shotton, the author of&nbsp;<em>The Choice Factory: 25 Behavioral Biases That Influence What We Buy. </em>He's also the head of behavioral science for Manning Gottlieb OMD, the #1 advertising agency in Europe.</p> <h2>5 Little-Known Facts About Consumer Behavior</h2> <ol> <li>Pratfall Effect: If you can admit a weakness or flaw, you become more appealing to your audience.</li> <li>Confirmation Bias: We're very good at maintaining our existing point of view.</li> <li>Our Habits: You can persuade people in the moments when their habits become destabilized.</li> <li>Brand Purpose: Not every company needs to have have a higher purpose beyond profit.</li> <li>Personalization: Don&rsquo;t apply it to such a degree that you lose the essence of your brand.</li> </ol> <h3>The Pratfall Effect</h3> <p>The pratfall effect is a counter-intuitive idea that was first discussed by Eliott Aronson, a professor of psychology at Harvard in the 1960s. According to this theory, you become more appealing after you admit a weakness or you exhibit a flaw.</p> <p>In marketing, this applies because one of the biggest issues we face is that people don't trust brands. Once you&rsquo;ve admitted a flaw, you're demonstrating your honesty and the rest of your claims suddenly become more believable.</p> <h3>Confirmation Bias</h3> <p>Our brain instinctively resist new information due to confirmation bias. As Richard Shotton explains, if you already dislike a brand, your brain will continue to come up with counter arguments to maintain its existing point of view.</p> <p>You can counteract this in marketing by reaching your audience at mome