The Marketing Millennials 288 - Underrated Marketing Psychology Bias (That Most Marketers Aren’t Using) with Dr. G
Nov 1, 2024
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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Omission Neglect Difficulty
- Omission neglect, the bias of overlooking unsaid information, is hard to overcome.
- Advertisements exploit this by focusing on positives, neglecting potential downsides.
5-Hour Energy's Strategy
- Energy drink ads highlight energy boosts but not potential crashes, capitalizing on omission neglect.
- 5-Hour Energy disrupts this by emphasizing "no crash," prompting comparison.
Weaponizing Omission Neglect
- Marketers underutilize omission neglect; subtly highlighting competitors' missing attributes can steal market share.
- Make consumers consider overlooked factors before purchasing.