The Power of Perceived Value: Discover how a well-marketed banana & roll of tape produced a windfall
(This article was originally published in the MarketingExperiments email newsletter.)
“If you have something unique — even a single dimension of exclusivity — that’s meaningful and significant to the customer, you help them conclude they can’t get this anywhere else.”
— Flint McGlaughlin, Managing Director, MECLABS Institute
If you are experienced in business, you have heard of using marketing tactics like scarcity, story and influence to increase your sales.
But there is a right way and a wrong way to apply these psychological drivers. Negative manipulation used by marketers to achieve a business objective not only hurts their own brand but also negatively impacts those who are making honest efforts to sell their goods or services.
In today’s video replay, Flint McGlaughlin explains ways to identify and avoid dark patterns some businesses employ to increase sales. He also gives examples of real case studies where people are using the power of scarcity, story and influence in a positive way — and increasing conversion.
Watch the video to learn how to tap into these three motivators in the most effective way.
Here are some key points in the video:
- 8:01 Three factors can impact a customer’s perceived value of your offer.
- 11:02 PVD is the difference between the customer’s perceived value and the actual value.
- 16:40 Scarcity — Examples of using this internal motivator inappropriately.
- 22:37 Dark patterns — Negative manipulation used by marketers to achieve an objective in their business.
- 25:19 Examples of using Scarcity appropriately.
- 29:10 Influence (celebrity, social proof, authority, etc…) — Examples of using it appropriately.
- 32:05 Examples of using Story appropriately.
- 35:33 Value Proposition — Four conclusions to evoke in the mind
Related Resources
Princeton Dark Patterns Study:Dark Patterns at Scale: Findings from a Crawl of 11K Shopping
Dark Patterns on Scarcity and Influence: The Endless, Invisible Persuasion Tactics of the Internet D
Landing Page tests:A/B Testing: How a landing page test yielded a 6% increase in leads
Web Clinic tests:Email Copy Tested: How adding urgency increased clickthrough by 15%
Social Media: Social Media Optimization: Engineering contagious ideas
Ecommerce:New Chart: Ecommerce – It’s Not All About Price
Print Ads: Marketing Chart: Which advertising channels consumers trust most and least when making
Leveraging Influence in a winery:Interactive Email: 6 tactics to leverage the influence of social reinforcement
Behavioral Triggers:Marketing Psychology: The behavioral triggers behind success at Amazon, Groupon and FarmVille
Social Media:How to Use Social Media to Increase Your Marketing Conversion
Non-profit analytics:Data Analysis 101: How a nonprofit used data to secure a critical business decision and help find 125 missing children
Sales Increase through Story: Ecommerce Marketing: 150% increase in sales from product storytelling and site redesign
Newsletter tactics: Content Marketing: How a farm justifies premium pricing
Copywriting: Copywriting on Tight Deadlines — How ordinary marketers are achieving 103% gains with a
step-by-stepInternal Story: 5 steps to telling your team’s story
The post The Power of Perceived Value: Discover how a well-marketed banana & roll of tape produced a windfall appeared first on MarketingExperiments.
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