Most of us don’t have the greatest memories, especially when it comes to numbers. But numbers are often a key part of convincing a consumer’s brain to take action. Obviously, the numbers in a price can be incredibly compelling, but there is a psychology to how that works and why. For example, when buying a car, you’re told the list price and the sale price. You likely will retain the sale price because it’s lower and do the math against the list price, figuring you’re saving hundreds of dollars. Thus, you walk into the dealership ready to buy such a bargain, even if by the time you walk out, you’ve been talked into the extras and up to the list price which is higher.
That’s called anchoring and it’s one of the most effective and fascinating uses of psychology in the world of marketing. And boy, do we have the numbers to prove how persuasive it can be!
Marketing psychology expert Jake McKenzie is here to explain how numbers and memory are used to drive consumers to the shelves for all kinds of products. It’s a basic trope of human psychology, one used all the time, and that subject of anchoring is the topic of today’s podcast.
Welcome to the Ad Couch with Jake McKenzie, CEO of the Intermark Group ad agency.
About the Show:
Take a journey through the world of creative psychology and group imagination. Each Ad Couch episode puts a different concept, brand or expert “on the couch” to analyze how:
- Different brands and agencies are effectively leveraging creative psychology to move consumer behavior
- Principles of psychology can be used by marketers and advertisers to build movements and produce change
- Influencers are changing the course of advertising through applied psychology
- Pop culture impacts markets and the power of ideas
About the Host:
The Ad Couch is led by Jake McKenzie, whose targeted expertise is helping brands incorporate creative psychology into their marketing and advertising strategies in order to influence consumer behavior.
A graduate of Vanderbilt University with a Bachelor of Arts in Psychology and Political Science, McKenzie is now the CEO of Intermark Group, one of the Southeast’s leading advertising agencies. Under his leadership, the agency has built a strategy team known as the “Insight Team” that includes a Ph.D. in psychology to facilitate applied psychology advertising methods and enhance brands’ success.