Marketing is a fundamental aspect of a product strategy. When a new product is set to be released, marketing is considered vital. This is because successful marketing leads to a higher level of initial sales figures. In some industries, marketing is even more important. For example, in the gaming industry, it is common for video games to be sold before release. A consumer will only purchase a video game before release if the marketing is successful. This is why in the entertainment industry, marketing is directly related to sales.
An example of an industry that is dominated by marketing is the movie sector. The majority of profit made for new cinema releases are in the first few weeks. Successful marketing ensures that a larger portion of the customers visits early. For marketing to be successful, the product needs to be generating hype. In the modern world, there are several techniques used in marketing to do this. Some psychological tricks can play a huge part in making consumers interested. Below are a few ways these tricks are used and which industries benefit most.
1: Pricing Strategy
The most common of these techniques is used when setting a price for a new product. The price is going to have the biggest effect on how to interest a consumer. Scientifically speaking, consumers interested in a specific industry have a unique habit. These consumers are less likely to purchase the cheapest or most expensive option. Instead, the product price in the middle is seen as the most attractive option. It seems like an option where consumers get the best value while also not spending too much. This is why many companies opt to price their products in the middle of the competition.
Another strategy that has more of a psychological effect is to set a confusing price. A product that should retail for $10 may be priced at $9.99. This is an incredibly common strategy and can be seen in almost every industry. The fact behind this is that our brains react mostly to the first number. Consumers are subconsciously going to perceive $5.99 as a significantly lower price than $6. Products in the technology sector are more likely to use this pricing strategy.
A recent edition to tricking our brains into liking a product is using influencers. The internet is now dominated by influencers of every genre. Some would argue that influencers can even become more popular than movie stars. Everyone would agree though that many of these influencers have a loyal following. People that trust these influencers are more likely to use their products too. Companies see this as a prime opportunity to advertise their products. It opens up a new door for them and can often double sales.
The influencer usually holds a short segment in their video sponsoring the new product. Even if not consciously, consumers will be more likely to purchase these products. Seeing their favorite influencers trusting and using these products has the same effect. Some influencers cater to many different industries.
New smartphones are usually sent to technology influencers to use and review early. Beauty products are often gifted to influencers in the make-up department. Videogames are usually handed out weeks beforehand for reviewers to judge. These are all strategies for companies to grow their existing market. This is also a great way to find new consumers as well as interest older ones.
3: Color Psychology
Color psychology is being used all around us yet is hard to notice. The reality is that our subconscious assigns different feelings to specific colors. When in a hurry and choosing between different products, color plays a big role. More than half the time a quick decision will be made according to the product color.
Colors such as black signify luxury and are popular in luxury cars and watches. Smartphone brands also often have black as one of the base colors for their products. This is because black gives us a feeling of power and leisure. Similarly, red is a color that grabs attention quickly. This is used in supermarket categories. Each color has a significant effect on our subconscious.
Vibrant colors are better suited for children. Cereal box packaging and toys often have vibrant punch colors. This is attractive to the younger audience and makes them more likely to get it. Minimalistic colors such as grey, white and black are more suited to adults. High-quality perfume box packaging usually has colors like these.
4: Free Testing
Free testing works in almost every industry. Many fragrances are offered as a test in busy shopping plazas. The goal here is to interest the consumer with an in their face result. This is entirely dependant on the quality of the product. Other industries make use of this method too. Some popular online video games often host public tests weeks beforehand. This acts as a free test of the final game. The result is increased hype for the final product and hence more sales.
Free testing is also widely popular in the technological sector. There are populate expos held all around the world. In expos like these, cutting-edge technology is shown to the public to generate hype. Funding is also gathered in this way to further the production of the product. The most famous of these advancements are shown in trade show booths in Las Vegas. It is the place to be to test out these products.
Marketing is constantly being improved and innovated upon. Taking risks and failing or succeeding from them is part of the game. As more products launch, the marketing teams need to ramp up their game too. We are excited to see how marketing is conducted a few years from now.