Success in advertising is trickier than most businesses believe. The equation of a great product plus a great price, means a sale every time has gone by the wayside. Instead, the field of cognitive psychology, and advertisers with the benefits of having a master of science in applied psychology have inspired us to dig deeper into the mind of the consumer.
There is a science to advertising that is changing the way we market our ideas and products and is forcing marketing executives to become smart consumers of analytics. Using analytics to understand potential customer preferences can lead to consumer action in a final sale. Savvy companies who understand the science of advertising will employ marketing strategies that work.
Social media is a strong component of any marketing strategy. Platforms like Facebook and Twitter can help advertisers capture past purchasing behavior of their potential clients. By mining social media, companies can gain insight into customer preferences which can lead to influencing future behavior when it comes to the marketplace.Â Tailor directed ads are doing better now on many social media sites and attracted new consumers.
Coupons Are In
While seemingly antiquated, coupons can help capture data on their end users. Companies can measure the effectiveness of coupons by the redemption rate, and answering the question of how many customers are actually watching, clipping, and redeeming. In addition, coupons become another form of marketing even when not redeemed raising brand and product awareness.Â Online coupons are doing even more now to capture their audienceâ€™s attention.
While some consumers may be wary of rewards programs and questions at the checkout line, studies show loyalty programs are paying off for most businesses. The theory behind these programs is the incentive they provide for customers to continue to come back and buy more as they rack up points ending in money back or a better coupon. While it can seem costly to send frequent coupons to loyalty members, most would say less is more, especially when situated in a high-traffic areas like a mall. Customers will take their loyalty program and stop in when shopping in the area.
Old School Advertising
All this to say, the days of TV, radio, and print advertising are not dead. While digital marketing has risen to prominence, companies want their customers to search branded key words. TV, radio, and print ads help raise brand awareness and utilize the other three marketing strategies above.
The science of advertising can inspire businesses to think outside of the box when it comes to knowing their customer, capturing their data, and adding value to their customer through smart marketing strategies.