Understanding customer motivations and behaviors is key to building a lasting connection with your target market. While this process might start out with general campaigns on a broad scale, the most successful strategies are decidedly narrow and work to get inside an organization’s psyche.
Consumer psychology is the study of the motivations and decision strategies of individuals and organizations. What needs must they satisfy, and how do they go about fulfilling these needs? Today, we will walk through the ways consumer psychology can catapult your B2B efforts to success through custom campaigns.
The first step in breaking down the consumer narrative is understanding the unconscious desire a consumer has to interact with your product or service. In a study by Carnegie Mellon University, marketers found that even minute differences in a marketing campaign can drastically alter results. For example, in a simple A/B test adding a $5 dollar fee on top of a free trial, the psychology behind the message made all the difference. While one test offered the trial for a $5 fee, the other test offered it for a small $5 fee. Those who received the small messaging were 20% more likely to convert into sales due to how much value its target market placed on finding a good deal.
To apply similar principles to your organization, think about the buying cycle your target market is likely to go through before becoming a customer. While many assume B2B behavior is largely logical, this isn’t strictly the case. Emotion plays a large role in B2B buying, and getting at how the leaders of an organization think and respond to your messages could provide a large ROI.
The term consumer psychology can be misleading in terms of B2B because it implies catering to a specific individual. To apply this psychology to your B2B initiatives, it’s important to understand it in terms of account-based marketing (ABM), and take into account all individuals at an organization, rather than one consumer.
ABM is a strategy that involves both engaging existing customers on a deeper level, and pursuing new accounts that fall in line with the behaviors of your existing customer base. Since you likely know what types of businesses you are eager to reach, it’s important to select tactics that will most likely resonate with your audience to get qualified users to interact with your content.
Do you want to better integrate consumer psychology into your marketing strategy? Contact us today to find out how.