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Showing posts from May 15, 2020

4 cognitive biases and psychological drivers for influencing behavior

As a marketer, you’re faced with a particularly daunting challenge in a pandemic. Despite longer buying cycles and decreasing demand, you’re still tasked with driving growth—and you must do it now. In a time of difficulty, you can leverage these four psychological drivers to help your business gain traction: Anchoring EffectGoal Gradient Social ProofLoss AversionAnchoring effect Navigate to your customer’s mind and drop anchor. With the anchoring effect, you’re able to influence customer behavior based on the order in which you introduce information. Since customers tend to attach more weight to the first piece of information in a sequence, they inadvertently alter their perception of value shortly thereafter. According to Amos Tversky and Daniel Kahneman, the psychologists who introduced the phenomenon, “different starting points yield different estimates, which are biased towards the initial value.”(1) How do you apply this concept to a realworld situation? If you’re offering a spec…

How real is your real-time marketing?

“Event-triggered and real-time marketing will have the biggest impact on marketing activities in the next five years,” said Gartner Vice President analyst Mike McGuire, “However, before marketers can realize the benefits of these technologies, they must first become proficient in predictive analytics and delivering personalized communications.”McGuire’s comments were part of Gartner’s report last August outlining the top trends that were most likely to impact how marketing teams manage their martech stacks.The research firm found that the brands capable of plugging in behavioral analytics to marketing automation platforms would be better equipped to deliver real-time marketing efforts — but, according to Gartner’s report, many marketers lacked a “clear” business case for real-time engagement.Real-time marketing’s biggest obstacleSo what’s the problem? Pegasystems Product Marketing Manager Andrew LeClair says the primary issue is we have 7,000 marketing technology solutions but no way …