{"id":16995,"date":"2021-09-17T09:00:36","date_gmt":"2021-09-17T13:00:36","guid":{"rendered":"https:\/\/www.wellnessliving.com\/blog\/?p=16995"},"modified":"2022-08-29T12:01:10","modified_gmt":"2022-08-29T16:01:10","slug":"use-cognitive-biases-impact-buyers-decisions","status":"publish","type":"post","link":"https:\/\/www.wellnessliving.com\/blog\/use-cognitive-biases-impact-buyers-decisions\/","title":{"rendered":"How to Use Cognitive Biases to Impact Buyers\u2019 Decisions"},"content":{"rendered":"

While most consumers like to believe they\u2019re the masters of their own destinies, the reality is a little murkier. Back in the 1970s, psychologists Amos Tversky and Daniel Kahneman published research<\/a>\u00a0arguing that our decision-making abilities are not as rational as we\u2019d like to believe. Instead, humans are emotional and often impulsive creatures who frequently use mental shortcuts to reach certain judgments.<\/p>\n

These shortcuts are known as cognitive biases. You can harness them to persuade buyers to invest in your products or services. If you\u2019re struggling to drive leads and conversions, you may be able to influence consumer behavior by incorporating psychological techniques in your marketing strategy.<\/p>\n

In the following guide, we explore how to use cognitive biases to boost revenue and build a secure base of loyal customers for your fitness brand. If you feel a little uneasy about influencing consumer behavior in this way, remember that health and wellness are inherently tied up with psychology.\u00a0Researchers<\/a>\u00a0have found strong links between physical fitness and sound mental health, and your persuasion skills could positively influence a customer\u2019s life!<\/p>\n

1. Authority or confirmation bias<\/h2>\n

Confirmation bias refers to people\u2019s tendency to mimic the actions of influential leaders and authority figures. In the world of fitness, marketers can satisfy prospects\u2019 confirmation biases through influencer promotions or simple client reviews.<\/p>\n

According to recent stats,\u00a054.7% of consumers<\/a>\u00a0read four or more reviews before making purchasing decisions. To improve your chances of attracting new subscribers or clients, you may wish to promote and leverage positive reviews through your blog or social media accounts.<\/p>\n

Another way to harness the power of authority bias is to set up a referral program<\/a>.\u00a0Over 90%<\/a>\u00a0of people trust referrals from people they know, so attractive referral deals will boost your brand\u2019s reputation and drive conversion rates.<\/p>\n

2. Loss aversion (a.k.a FOMO)<\/h2>\n

We\u2019ve all experienced fear of missing out (or FOMO), a powerful cognitive bias that tells us to avoid a loss. Around\u00a060% of people<\/a>\u00a0claim to have made purchases due to FOMO, with most of these transactions taking place within 24 hours of the customer\u2019s exposure to the deal in question.<\/p>\n

To capitalize on this cognitive bias, you should present customers with offers available for a limited time only. Promoting time-sensitive deals through social media or marketing emails will inject a sense of urgency in prospects. This urgency will drive purchases by customers who would otherwise have delayed or avoided handing over their money.<\/p>\n

You may also wish to capture the power of FOMO to boost membership renewals. For example, you could send out push notifications, SMS messages, or emails containing limited renewal offers and reminders of how far clients have come on their fitness journey.<\/p>\n

3. Post-purchase rationalization<\/h2>\n

It\u2019s human nature to question one\u2019s own decisions, particularly after committing to a new subscription service or gym membership. Reassuring customers that they have made the right decision will justify their purchase, eliminate any lingering doubts, and reduce your all-important churn rate.<\/p>\n

Reassurances can take many forms, including regular communications about how clients are smashing their fitness goals or improving their lives by using your services. Even better, you could set up a rewards program to incentivize clients to remain loyal to your brand.<\/p>\n

Around 83%<\/a>\u00a0of loyalty program subscribers claim that the promise of rewards boosts the probability that they will keep shopping with a particular brand. With this in mind, why not offer prizes, discounts, or free classes on a rolling basis or whenever a client has achieved a fitness milestone?<\/p>\n

4. Anchoring bias<\/h2>\n

Anchoring bias is a phenomenon whereby people make judgments based on the first piece of information they receive about an object or subject. In the world of commerce, this means consumers are likely to make snap decisions about your brand based on the first relevant review, ad, social post, or article they come across.<\/p>\n

According to the stats,\u00a0marketers have seven seconds<\/a>\u00a0to make a good first impression with time-poor customers, so your branding needs to be eye-catching and compelling. This is where paid social ads come in. Rather than waiting for potential customers to stumble across a good review, influence their first impressions via stunning ads featuring snappy copy<\/a>, trendy graphics, and unbeatable deals. If graphic design isn\u2019t your strong suit<\/a>, there are plenty of platforms out there designed to help novices produce breathtaking visuals, such as Canva<\/a>, Crello<\/a>, and\u00a0Visme<\/a>.<\/p>\n

5. The mere exposure effect<\/h2>\n

When people are exposed to brands repeatedly, they\u2019re more likely to have faith in their goods and services. This phenomenon is known as the mere exposure effect. From all the cognitive biases that impact a buyer\u2019s decision, it is one of the easiest to utilize. Here are a few techniques you could use to increase the number of eyes on your brand:<\/p>\n