Current Topic: Conversion

Discover how to improve sales by applying the right discounts for the right products.

I Love cooking!

I literally spend hours in the kitchen every weekend preparing meals for my wife and kids;
and there is nothing more rewarding than watching them enjoy the meal so much that they ask for more.

I am not a chef, but there is one essential thing in cooking: high quality ingredients are necessary to bring out the authentic flavours of any dish.

So, what does my cooking have to do with neuromarketing? Well, everything!
More than the cooking itself; the connection lies in how my wife and I shop and pick items when we want to prepare a meal.

Economic theory predicts that people’s spending activities do not vary with environmental conditions, such as seasons and weather-related factors. As neuromarketers, we know better than that. It’s hardly surprising we all pay more for ice cream during the summer and the sales of ice cold beers skyrocket when there’s more sunlight. The price dynamics of these nondurable goods make economic sense in the light of increasing demand. However, you wouldn’t expect to find such patterns in durable goods like art, but that’s not what science discovered…

We’ve all heard it before: “buy this car and have the luxury life you always wanted”. Usually, advertising sketches a utopia; an idealistic world. This form of marketing, where a certain product offers the key to the life you always wanted, is known as aspirational marketing.

This form of advertising builds on the principle of cognitive consistency theory, which claims that a fit between one’s self-concept and an identity-enhancing brand or product category leads to greater attraction.

Imagine walking into a clothing store and the first thing you see is a rack of jeans clearly labeled “€49.99”. With this price in mind, you start looking at the different jeans. As you scavenge those denims, you might find something you like.

Now let's look at a different scenario: imagine walking past a display where you see a pair of jeans. When you walk over to take a closer look, you see that it says “€49.99” on the tag. Will you go in and look for the pair of jeans?

In both cases, the denims and importantly, the price are the same (e.g., you have the same kind of information). However, depending on which one you see first, will you make the same kind of decision?