Behavioral Science For Brands: Leveraging behavioral science in brand marketing.
Interview: Melina Palmer, author of What your Customer Wants and Can't Tell You
Apr 3, 2025
In this engaging conversation, Melina Palmer, an expert in behavioral economics and author of 'What Your Customer Wants and Can't Tell You,' shares her insights into the psychological nuances of brand marketing. She discusses how luxury brands like Hermes manipulate scarcity to enhance desirability. The episode dives into Costco's clever pricing strategies that boost value perception. Melina also emphasizes the importance of understanding consumer behavior through the lens of empathy and group identity, making a compelling case for nuanced marketing.
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Quick takeaways
- Brands like Hermes utilize scarcity to enhance desirability and exclusivity, significantly impacting consumer psychology and pricing strategies.
- Costco effectively combines strategic pricing and reciprocity through free samples to boost immediate purchases and strengthen customer loyalty.
Deep dives
The Rise of Behavioral Economics
Behavioral economics has gained tremendous traction in recent years, with increasing public interest since 2018. Initially, discussions on the topic were sparse, with limited resources available, but now it has become mainstream in both marketing and everyday language. People are eager to understand how behavioral science can inform their decisions, foster better habits, and influence consumer behaviors. This growing awareness reflects an evolving landscape where brands are not only marketing products but also striving to connect with consumer psychology.
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