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The Marketing Millennials
288 - Underrated Marketing Psychology Bias (That Most Marketers Aren’t Using) with Dr. G
Nov 1, 2024
44:24
Snipd AI
In this episode, Dr. G, a consumer behavior expert from Vanderbilt University, discusses the fascinating world of marketing psychology. He reveals how everyone can be an influencer, even without a huge following. The conversation delves into omission bias in marketing strategies and how acknowledging flaws can build consumer trust. Intriguingly, Dr. G explains how highlighting what consumers might be missing can create urgency and boost sales. Plus, the impact of transparency in pricing is explored, showcasing its potential to differentiate brands in a competitive market.
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Quick takeaways
- Omission neglect influences consumer decisions as they often overlook hidden fees in favor of initial lower prices, which marketers can strategically address.
- Influencer marketing can effectively leverage consumer trust by highlighting overlooked product attributes, driving purchasing decisions in favor of brands.
Deep dives
Understanding Omission Neglect
Omission neglect is a cognitive bias that affects consumer decision-making, particularly when vital information is not explicitly presented. This bias becomes particularly relevant during the purchase process, as consumers may focus on factors like price or convenience while overlooking hidden fees or negative attributes. For example, airlines like Spirit and Frontier often advertise lower initial fares; however, consumers frequently neglect the additional fees that appear later in the buying process, leading them to believe they are making a more economical choice. Marketers can leverage this bias by presenting key missing information subtly, prompting consumers to think more carefully about their choices and the implications of the fine print.
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