Marque, The Marketing Club- July Edition by Marketing Club

FROM THE EDITOR I am glad that the marketing club got the opportunity to use its monthly magazine as a platform for all the young marketing enthusiasts who are curious to let out their views on various topics. It gives me immense pleasure to write this message as Editor of this unique edition of the magazine. The theme of July’s edition revolves around the usage of technology and brand advocacy in marketing. The theme gives a sneak peek into the marketing practices of the new age. This edition has a lot under its umbrella, from bringing forward automation, psychology, and a blend of digital and physical experiences while drawing hidden inferences of marketing. I extend my warmest gratitude to all the authors for their interest, enthusiasm, and well-documented submissions of excellent articles and participation in this magazine’s building. I firmly believe that no matter how your magazine is delivered; either at your doorstep or to your computer, printed on glossy stock or on cheap tabloid paper, appearing on your iPad or your cell phone screen, it is still the work of an editorial team for a discerning audience, a beautiful and meaningful (we hope) package of ideas, words and images put together by a group of experts for its readers. While technology efficiently delivers new stories to our desktops, laptops, and mobile devices, magazines are all about context – how ideas and images are presented in relation to one another and spanning a broader perspective. We, the editors, will always strive to keep you engaged.

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CONTENTS 01 Moment Marketing The Friends’ Reunion

05 hygital Retail Marketing: The Hybrid Approach for the future

13 Buzzfeed

09 Marketing Automation: The Role of Augmented Reality in Marketing 17 Implementations of Psychology in Marketing

21 Marquing The Moments

Moment Marketing The Friends’ Reunion

The one where the brands were there for you Aditi Mehrotra Symbiosis Institute of Business Management, Bengaluru Who wants to order the Joey special today? This is not a random question thrown at the reader but instead, a push notification which makes its way to my phone, five minutes before the much-awaited reunion is to be telecasted worldwide. As I still have some time before indulging in the chapters of nostalgia, I make a quick movement compelled by the emotional appeal of the message and click to order the pizza that somehow seems to attach a relevance with the upcoming “FRIENDS Reunion”.

Source: https://twitter.com/pizzahutdeliver This relevance is not an impulsive trigger of the mind but rather, a real time event that makes its place in the cognizance of the marketer and gets crafted into a message that helps in establishing a healthy communication and deeper connection with the receiver. This is where you seize the moment, and market it to your audience. Moment Marketing indisputably got a huge impetus by the gaining popularity of smart gadgets and social media, capturing even micro-moments and quickly delivering the essence to the audience, in a manner which makes them enjoy it in a light hearted fashion, deceiving them of the opportunity to be weary eyed from the rigid and forced procedural messages.Brands like Amul and Zomato are easily associated with this style of marketing, but 27th of May saw many other brands leveraging their creative skillsalong with the reunion event to send out posts or notifications in order to get maximum profitable advantage.

Source: https://www.adgully.com/thewait-is-finally-over-brands-momentfriends-reunion-104147.html The sitcom garnered a huge fan base in India and it is this large area of population these advertisements were centred to. Brands astutely made the use of the theme song, character’s behaviour, famous dialogues, and altogether the reunion concept to precisely create their offerings and smartly execute it to the target audience. Starbucks made use of the theme song to add a caption saying, “We’ll be there for you...with Coffee”. Here, the intelligent crafting of promotion & the playful seizing of audience’s attention goes hand in hand. Similarly, Pepsi went forward by focusing on the theme of reunion, and gave a positive hope that the easing of lockdown will let us soon reunite with our friends (Apne friends ka reunion bhi hoga). Godrej allocated their electrical appliances to the sitcom’s famous scenes and their dialogues.

What helped these adverts and promotions to gain popularity, is the question answered with a psychological understanding: If a push notification or an email seems to be deviating from the conventional rigid course of structured content design, the audience is compelled to take a leisurely break & focus their attention at the offering. A familiar instance, linked with a slight humor is what makes for a leisure read, bringing an instant smile to the weary face. This is what was the consequence of the Pizza Hut push notification which made its way to my phone. It gives a perception to the audience that the brand is not pushing too hard to come across and sell its products. Rather it feels more original and less artificial, as if it is more interested in genuinely communicating with the customers. KFC made it evident by posting the picture of an empty bucket with the caption ‘Joey was here’. Without revealing any intentions to make a sale, a mere association established the relevance and did the task. The deep imprint which moment marketing makes is partly due to the fact that it engages the short- term mind with the news or events getting viral and partly because the creative call to actions makes a permanent space in our memory. When Amul used the caricatures of the show’s cast leaning against each other, looking down at the butter, an immediate realization of its lingering nature was brought about.

Some brands however just tried using the fonts and simple one liner, failing to establish a connection with the audience which in turn should trigger an immediate purchase decision. They missed by a slight, the chance to associate their products with the moment in hand. However, they did find a way to be the participants of an event which the world was talking about. Although, when we start realizing the intricacies attached to the objective of moment marketing, certain conclusions can be finely extricated: It is not always about an immediate purchase. Although certain brands focused on sending triggers in the form of posts during the reunion, some merely tried to build a strategy that will make a space in the audience’s memory, initiate recall, and try to establish relevance when the customer is in conscious need to make a purchase. When Kotak Life Insurance carved a space in the brands aligning their strategies with the reunion, people were definitely not going to suddenly invest in an insurance policy. But portraying itself as a loyal associate, people in the hour of need were going to recall what the company has to offer, and take decisions based on their former wittiness.

Sometimes, moment marketing aims for a simple mission of creating a post, instilling immediate craving. For the human mind is not always rational, and a decision can be taken without heavy consideration. Cadbury undoubtedly made our sweet tooth yearn for its chocolate bar. Source: https://www.instagram.com/p/CPXYc0kBDco/?utm_source=ig_embed&ig_rid=cc0a1401-663b-4835-aec1-c9e3276ac32c

Source: https://twitter.com/DairyMilkIn?ref_ src=twsrc

It is a creative way of telling the audience that the company is not just a bundling of corporate rules, monotonous management, or a profit-making body, rather it is a simple being trying to communicate with them in a friendly fashion. It aims to share the important events in the surrounding, talking about them, and unpretentiously trying to be a part of their lives.

Here, ‘Slice’ just shares its excitement and simply tells how excited it is for the reunion, just as any other fan might be.

It was like an explosion of brands trying to allocate some relevance to their products, in order to come out with increased sales or an on-time memory recall. Not all brands always jump at the opportunity to moment market their mission or vision at the occurring of any major event, but this reunion which compelled people to fly down the memory lane was definitely worth a shot! I do wonder how many more knocks will be there on the purple door with a yellow frame. Afterall, such occasions cooperatively work for the triumph of the imaginative brands.

Source: https://www.instagram.com/p/ CPVSx4yhIqP/?utm_source=ig_embed&ig_ rid=f04ccdfe-adbf-44c4-a395-7c097d0eb529

Phygital Retail Marketing: The Hybrid Approach for the Future Attiso Bhowmick UAS Bangalore

No one in the late 1960s could have imagined the world-changing impact that a simple internet prototype called ARPANET could have. Originally created to better facilitate collaboration between scientists and engineers in the US, its model was soon adapted worldwide and became a global phenomenon. Every industry that adopted it underwent massive transformations and this collectively ushered the new age of e-commerce. With new e-commerce behemoths like Amazon, Alibaba, there has been a radical shift of clients towards the online platform. Physical retails shops suffered a heavy blow as customers dependance on them gradually reduced. However, now with the ubiquity of digital resources, many companies are reinventing themselves in a newer direction— the phygital business model. jority of respondents with a household income of $50,000 to $75,000 disagreed that non-healthcare brands should promote Covid-19 vaccination.

What Exactly is Phygital? Originally trademarked by the Australian agency Momentum, it is a portmanteau of two words: digital and physical. It perfectly encapsulates the new business idea as things were neither completely online nor offline, but a combination of both at once. It was successful in transposing the “real-life” activities into digital entities, with equally relevant reverse tendencies. This is gradually but surely changing the way we shop. Companies are now concerned with providing with a seamless and omnidirectional experience—offering the best of both worlds. Although ample examples exist, the focus of this discourse will be on three recent innovations in the consumer shopping sector which has redefined the shopping experience, breaking the limits of every physical retail store.

Why Blend the Best of Both Worlds?

a target store, complained of long lines to try on the products. However, this problem becomes a piece The future belongs to the Gen Z, and the companies of cake when solved with AR mirrors. Customers know it. They are the most evolved, most connected can easily stand in front of the mirrors and select and most educated generation yet. Although they what they want to wear, let alone try out different have the largest share in online presence, statistics outfits and search appropriate sizes. A large virtual show that they prefer to buy from physical stores inventory ensures better chances that the consummore. Data collected from Numerator InfoScout er will find what he or she is exactly looking for. OmniPanel consumer panel of more than 500,000 Purchases can be directly made from the screen of U.S. shoppers indicated that millennials preferred the AR Mirror. more online shopping as compared to Gen Z. 63 % of millennial panellists preferred online shopping Why should you pay when you can just walk out? as compared to 53 % of Gen Z. All these statistics prove why companies are so focuses on investing When it involves shopping, no other company to develop a phygital experience for their products impacts shopping experience more than Amazon. and services. They are revolutionising grocery and read-to-eat food shopping with their latest innovation— AmWhy need trial rooms when you can try everything azon Go and Amazon Go Grocery. They are indigitally? distinguishable from regular departmental stores, except, there is no cash counter. So how do you Amazon has patented a smart mirror, that lets the shop? Just walk in, pick the stuff you want, and you user use apparels and makeup without trying them are good to go! Amazon like to term it as a “Just on. These mirrors called the AR Mirrors, are inWalk Out” experience. It requires an app, which creasing used by several famous apparel and make- you need to scan and after shopping Amazon just up brands to make shopping a pleasant experience emails you the receipt. The store relies on the same for the customers. Products are augmented by aptype of technologies as seen in self-driving cars and plying computer-generated perceptual information. use deep learning, sensors and computerised vision. For instance, Timberland is using Kinect technolThe store automatically detects when products are ogy (the same used in Microsoft Xbox) to create a picked up and returned to the shelves, and mainvirtual fitting room, thus increasing the foot traffic tains a virtual cart for each individual. As an added of their stores. According to an analyst brief by 451 advantage for the company, it saves overhead costs Research, a whopping 56 % of consumers who left and also prevents shop lifting to a greater extend.

In Retail, Location is Everything! With the phygital age, more businesses are depending upon location-based digital systems to send their customers personalised notifications, coupons, gift vouchers and offers right when they pass by their stores. Brand notifications have always been a double-edged sword, it can either draw in a greater customer traffic, or have a negative impact by annoying the customers with the constant notifications. Phygital technologies have successfully pushed the limit by sending extremely personalised notifications at the correct time and location. Starbucks for example employs a location-based notification campaign using the customers general location data and local time. This again drives greater foot traffic to their store and encourages them to make a purchase with the app for a small discount. For example, a promo invites the customer to visit their store during a happy hour, which activates a buy-one-get-one offer for a limited time. This type of consumer-centric approaches boosts customer loyalty towards a particular brand. Final thoughts The above innovations, although only a tip of the iceberg, effectively highlight how the interlacing of technology can make physical retail shops a new experience for the shoppers. In the highly plastic marketing landscape, digitisation is sure to cause continuous ripples, to which companies and businesses need to continuously adjust. As an important fact the participative dimension of the phygital experience does not fail to raises the questions of the degree and modalities of the retailer’s intervention. Although major phygital innovations in retails seem to be the prerogative of a technophile minority. It is expected that the accelerated digital revolution is sure to make these innovations more popular and widespread. The era of blurred boundaries is sure to become more common in the near future.

Marketing Automation: The Role of Augmented Reality in Marketing Rashi Rastogi KJ SIMSR

In Mumbai, a boy of seven stood awestruck at the picture of the man standing on stage delivering the speech. Miles away, in a metropolis in Himachal Pradesh, a man of forty was similarly intrigued and listened in rapt interest. An electoral marketing campaign in the largest electorate in the world and its success was unprecedented, to say the least. The sheer strength of the confluence of marketing and technology has been observed again and again. Technology adoption has been the purpose of most disciplines, and marketing is no different. As we create merchandise whose utilities traverse barriers, it additionally becomes imperative to market them across these boundaries. A few years back , Pokémon Go was all the rage around this time. Its extraordinary propagation highlighted the tremendous potential of

augmented reality and proved that AR can be a mainstream technology. And since then, the experience has become more enriched and more accessible for users. Augmented Reality In today’s world where everyone is competing for attention (thanks to the Goldfish Syndrome!), AR grips hold and don’t let go. From the rudimentary to the peculiar, the engaging to edifying, these virtual encounters can involve audiences in novel and thrilling ways that they’re inquisitive to explore. AR doesn’t require any accessories like a headset, which improves its likelihood of adoption. The AR technology overlays digital content onto the physical world, transforming the present space – all you require is a smartphone and a front-facing camera.

Figure 1: Marketing Automation Process

Source: http://www.imcs360.com/marketing-automation/

AR has been gathering advertisers’ excitement as of Augmented reality is a digital technology that late, as it’s anything but an extent of client experiplaces text, photos and videos running on the ence, from how people discover new items to how user’s smart device onto physical objects. Drivthey pick which ones to purchase. AR advancement ing cars with GPS projected onto the windupgrades the actual climate around you by superimshield, watching movies on walls, learning new posing virtual components over it, either through skills, working on projects, with this there are a plethora of possibilities. Figure 2: The future of AR

Source: https://www.snapmunk.com/augmented-reality-virtual-reality-2017/ Imagine having the option to perceive how furniture would glance in your room before truly buying it or having the option to see which glasses suit your face or which lipstick looks great on you without really giving it a shot. Every one of these circumstances is as of now possible. These are genuine AR models from Ikea, Ray-Ban, and Cover Girl of how brands are by and by using increased reality (AR).

the camera view on your mobile phone or through presentations like HoloLens or Google Glass. Lowes, a Fortune 500 American organization that runs retail home improvement and appliance stores, is trying augmented reality in startling however savvy ways; from in-store route to having the option to refashion a room with something many refer to as a holo room.

Figure 3: Innovation Labs: The Next-Generation Lowe’s Holoroom Source: http://www.lowesinnovationlabs.com/holoroom/

Marketers are never far behind and have experimented and explored AR in various innovative ways. In 2011, Toyota, combined three components, a computer-generated pop star, a branded mobile QR code and an augmented reality experience. Once a user snapped a picture of the branded QR code, he/she was encouraged to download the Toyota mobile app, after which the users could view the pop-star singing, standing close to the Toyota Corolla, all in augmented reality! There was a whopping 600% increase in the number of mobile app downloads and a 30% soar in the number of Corolla leads in the period. Talking about our country, KFC India used augmented reality to educate the target audience of its affordable prices. By downloading its application, the user could hold any denomination of currency on its AR-enabled camera, and a tray would appear with the items that can be bought in that amount. There were 35000 downloads of the application, and an enormous buzz was created. The following are some of how integrating AR with marketing activities can help business shortly: • Increases Brand Awareness Augmented Reality campaigns bring in a “wow” factor, thereby getting your customers and the media talking about your brand. This consequently increases your brand awareness. AR is predominantly effective in increasing awareness because the technology is comparatively a novel concept and the experience of engaging with a

brand through AR is still a unique experience for customers. • Increases Customer Engagement As indicated by a study conducted by Blippar , a prominent app in the augmented reality world, marketing activities that use AR have an average abide time of about 75 seconds. To put it in better words, conventional radio and television advertisements have an abide time of only 2.5 seconds. • Bridges the divide between digital and store experiences AR can enrich the digital shopping experience by putting products into customers’ homes even before they make a purchase. For example, IKEA, the Swedish furniture giant, has tested with an augmented reality technology that would permit shoppers to witness how, say, a cupboard would look and fits in various locations in their house. The company also announced an agreement with Apple to create an app – ‘IKEA Place’ for iOS 11, wherein, this app is an extension of the company’s catalogue and makes surfing and choosing products conveniently, with hassle-free repositioning and 98% scale accuracy for optimal viewing. With Ikea Place, the company is planning to change the way people purchase furniture from now into the coming future. Truly, augmented reality will be a lead to a complete overhaul of retail in the same manner as the internet in the coming years.

Figure 4: Ikea's 3D furniture app

Source: http://www.telegraph.co.uk/lifestyle/interiors/10247596/Ikeas-3D-furnitureapp-first-look.html

How AR has been utilized as a part of marketing campaigns can be viewed as a kind of experiential marketing as it centres not only around a product or service but also on the whole experience generated for the customers. The uniqueness that augmented reality carries to marketing is connected to three of the following factors. • Firstly, advanced AR technology enables setting up real-time activity between real-time environment, brands, products and customers. It integrates the digital world of smart devices with the real-time environment in a way that the boundaries between them vanish thereby increasing the proximity between the product and the customer.\ • Secondly, AR’s capability for recreation empowers marketers to digitally advance and promote their products more proficiently than before. Consumers’ risk of ambiguity, associated with online shopping of products they haven’t tried or seen before, reduces due to simulations and virtual try-on facility. • Thirdly, advanced visual representations in AR create an enriching customer experience, offering influential tools to engage customers in a profoundly unique experience and because of its originality and novelty, augmented reality in marketing often stimulates “wow” effects amongst the customers, which is important. Conclusion Research on the effectiveness of augmented reality highlighted that buyers preferred an augmented reality advert over a traditional print advert due to its informativeness and uniqueness. When AR becomes more mainstream, we might see the uniqueness factor fade away from it. But, these initial studies propose that there exists value in the integration of augmented reality technology with marketing that goes past the entertainment factor. The actual objective for commercial AR is using the technology with the goal that it boosts the customer experience — makes it tranquil, more entertaining and convenient. The idea of Google Glass fizzled on the grounds because we don’t want to stroll around always seeing everything augmented in reality. So, the main aspect of understanding AR is characterizing the specific activities where it can create real value instead of thinking of how to cover as many places as possible with virtual content.

#BUZZFEED #BUZZFEED

Zomato offers IPO Rs. 25 lakh for Zomato consumer created ad

Zomato’s growth represents the coming-of-age of not just the New India, but also its young startups. It began as a firm that aimed to solve a ‘hungry’ problem and has since become the first Indian unicorn to enter the public markets.

Zomato is proof that they can turn criticism into a super innovative marketing campaign. conAccording to subscription statistics on the markets, Zomato’s Rs. 9,375 crore initial publicAfter offering sumers. After consumers expressed their growing boredom with Zomato’s monotonous YouTube and (IPO) has been subscribed 38.25 times as of the third and final day of the sale. The top online meal TV ads, some users took to initial social public media offering to criticize Zomato’s chicken on ad.Wednesday, However, Zoamto delivery service provider’s (IPO) startedbutter for investors July 14 for seems to have played its cards well by coming up with a smart idea to help it come up with fun cama three-day period. paigns while engaging with their customers. Zomato, which is backed by China’s Ant Group, is one of the most notable startups in the nation The firmwith went all out, proclaiming that the ads do suck. So now, it has opened the floor for creative today, a presence in 24 countries. ideas fromofcustomers. was commendable was that, apartprominent from the novel they also The IPO Zomato isWhat anticipated to open the door for other digitalidea, businesses to shared go the feeling with their customers that made them win many hearts. public, such as Paytm, Flipkart, and Ola. According to market regulator SEBI, Paytm submitted draft documents for an initial public offering of up to 16,600 crore on Friday.

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Netizens’ ‘beef ’ with Cadbury Mondelez’s Cadbury fell victim to the #boycott trend on Twitter, over the weekend. All it took for this to happen, was one unverified screenshot, suggesting that one of the ingredients that the much acclaimed chocolate uses is beef. A screenshot from a netizen on Twitter went viral within moments and #BoycottCadbury became the newest victim of the cancel culture on Twitter.However, the screenshot was shared out of the Cadbury website in Australia, and not, India. Consumption of beef in Australia is in fact legal. Dairy Milk chocolate-maker Cadbury issued a justification that the company does not use beef and its products are 100% vegetarian. Some Twitter users shared a screenshot of Cadbury’s website in which it was mentioned, “Please note, if any of our products contain gelatin in the ingredients, the gelatine we use is halal certified and derived from beef ”. As a result, netizens said if a product contains gelatine as an ingredient, that means it was derived from beef. However, the screenshot was shared out of the Cadbury website in Australia, and not, India. Consumption of beef in Australia is in fact legal. The chocolate-making firm wrote, “Hi, the screenshot shared in the Tweet is not related to Mondelez products manufactured in India. All the products manufactured and sold in India are 100% vegetarian. The green dot on the wrapper signifies that”.

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Implementations of Psychology in Marketing Srinjoy Mahato IIM Calcutta

As many of us have seen in countless movies time and again, the most prominent strength of a salesperson or a marketer lies in their ability to influence potential customers. If we break these traits down, they boil down to quite a number of psychological maneuvers. These might seem very obvious when pointed out since we have been experiencing them in daily life pretty frequently. Still, it’s the impeccable application of such tricks that turns a potential customer into a returning one.

and refreshing. That is precisely the emotion Coke capitalizes on, making it one of the most consumed products globally. Since their ads could resonate with us emotionally, we grew an affinity/curiosity to try the product, and people who liked it, stuck with it.

In this article, we’ll look at a few of these psychological tricks, their importance in marketing, and real-life implementations, if any.

2. Priming – As ideal and right as it sounds to judge everything with a blank slate initially, our surroundings have conditioned us to have a preconceived notion/expectation when encountering something for the first time. Therefore, marketing a product to influence those notions can tip the scales in your favor, helping create sales. Priming refers to how you position or display your product so that your customers’ primary reaction to it leads to an excellent first impression. You may have heard that how you speak is how people perceive you. Speaking in a positive manner tends to create a better impression. While framing how to market a product, sometimes a company decides to emphasize one particular aspect of the product, which it may be strong at. For example, Reckitt Benckiser markets Dettol as being able to kill 99.9% of the germs, implying that they claim to be one of the best in the market. But they leave that 0.1% not to sound arrogant enough to claim that they’re perfect. Similarly, AMD creates ‘Gaming versions’ of their standard products with a few tweaks and optimizations to attract customers who want to build a computer specifically for playing games, therefore justifying the increased pricing.

1. Emotional Marketing – This means leveraging the emotions of a potential customer to create sales. It has been seen via research that customers tend to buy products more based on their emotions than rationale on the actual data provided. Have you ever seen furniture advertisements where the room, the lighting, and the overall vibe of the place shown seems “almost perfect”? This trick temporarily disconnects the audience from reality and makes them view the product from a pedestal. A utopian scenario depicted in the advertisement seems appealing to most people, in turn making the product seem appealing. This marketing style creates an emotional pull, where the customer desires to buy a product based on their high expectations arising from the near-perfect setting shown in the advertisements. Emotional marketing can also be done in other ways. For example, advertising the product in such a way that the targeted demographic can relate to it emotionally. Most emotional marketing methods utilize Grounded Cognition Theory, which essentially states that people can experience a story by watching or hearing it as if they were experiencing it firsthand. Let’s take Coca Cola for example. I’m sure most of us have been out on a hot summer day, exhausted, desperately craving for something cold

3. Bandwagon Effect/Social Proof – Social Proof has been used as a marketing technique for a long time, although the ways/mediums keep changing. It leverages one of the most primary aspects of being a human, i.e., the feeling of being included in what

others are doing or experiencing. The Solomon Asch experiment done in the 1950s gives us an idea about how people will tend to give the wrong answer if others were doing it despite the correct answer being obvious. The subconscious anxiety of missing out on something other people enjoy drives a customer to join in or make a purchase. This can be achieved in several ways, for example, displaying reviews of a product left by other people on the website, hiring influencers to try and spread good word about the product to his/her followers, including the option of sharing a link to the product. The bandwagon effect can also give rise to ‘trends’, if the information spreads on a large scale.

4. Decoy pricing – How you price your products may lead to increased sales without any potential loss whatsoever. For example, a smartphone costs $200, and if purchased along with earphones, it costs $230. In contrast, the individual price of the earphones is set at $50. So, a potential customer will add up and compare which offer is better. Here, the respective price of the earphone acts as a decoy to make the combo offer look more appealing to the customer.

Picture 1 - A simple graph showing how the Bandwagon Effect works

Picture 2 - Example of how decoy pricing works with popcorn as a reference

5. Choice paradox – While buying a product, we all love it if we are provided choices or a range of products to pick from. Although the idea of choice seems appealing at first, customers actually end up anxious and confused when presented with excessive choices. Several studies have been conducted to conclude and optimize the range of choices for best results. The dilemma between choices that vary in performance can be solved if each item is appropriately described based on its strengths and specifications. The customer can choose according to his/her needs. The confusion that arises from too many purely cosmetic choices in nature is a little more challenging to solve. Hence, limitations in this category are necessary to increase sales.

trying to get something new. The sense of familiarity and comfort plays into why this behavior is commonly seen in people. This is an excellent way to increase customer retention. Various techniques can be used to implement this. For example, informing the customer about what he/she will be missing out on if they decide not to make a purchase, running limited time offers, including an incentive or reward that can be unlocked after a specific period/number of purchases. trying to get something new. The sense of familiarity and comfort plays into why this behavior is commonly seen in people. 8. Anchoring – The idea of anchoring relates to how people make decisions based on the first piece of information they come across. This is being exten-

Picture 3 - Curve of Customer Happiness with respect to the number of choices provided as posted in a BUSINESS INSIDER article. 6. Scarcity/Exclusivity - The luxury market runs on the same concept of why diamonds are so expensive. Where there’s exclusivity, people who can afford are willing to pay more to satisfy the innate desire of possessing/experiencing something others can’t. Several studies have been conducted to prove further that scarcity makes a product more appealing to customers. 7. Loss aversion – This idea states that people tend to cling to something they already have instead of

sively used on E-commerce websites and clothing stores. In most cases, an inflated price is displayed beside the product (which is usually much higher than what we would typically want to pay). This price is used as an anchor to make the customers believe that the product is worth that much. Then the anchoring price is crossed out. A discounted price is displayed (mostly, right beside it), which immediately conveys potential customers a sense of landing upon a great deal, which many will not want to miss out on.

There are several other ways in which implementations of psychological maneuvers prove instrumental in the field of marketing. Each one has its specific use, depending on the situation. It's astonishing how our minds are being influenced in so many ways on a daily basis. It is difficult to even notice it consciously in this busy life. The above-mentioned points may curate to your mind if you're interested in the marketing domain. If not, being on the customer side, at the very least you'll be wary of the marketing maneuvers and make informed decisions.

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Marque - The Marketing club, IIM Rohtak

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