Hundreds of behavioural biases have been discovered, highlighting the many ways in which people act irrationally. Here are a few that marketers can harness to maximise the chances of their brand being chosen.
Social proof. Being social creatures, we tend to want to do what other people do. This is why the UK launch advertising for haircare brand Pantene explained that it was the best selling brand in Australia.
Scarcity. If something is hard to get hold of, we think of it as being valuable. Like gold. This is why messages such as 'limited supply', 'only for a limited period' or 'exclusive offer' are often so effective.
Expectancy theory - presentation. How a product or service is packaged/presented can have a major impact on quality expectations and on the price people are prepared to pay. The way Apple products are packaged helps the brand command a price premium over competitors whose products are technically similar.
Expectancy theory - naming. A product's name or how it is described also affects quality and price expectations. A name that evokes quality associations can help a brand command a premium.
See also: Examples of Behavioural Biases (2), Examples of Behavioural Biases (3) &
Cognitive Biases Marketers Need to Know About