Pradeep Verma

Neuromarketing: ๐‡๐จ๐ฐ ๐ญ๐จ ๐Ž๐ฏ๐ž๐ซ๐œ๐จ๐ฆ๐ž ๐“๐ก๐ž “๐Ž๐ฎ๐œ๐ก!”โ€‹ ๐จ๐Ÿ ๐๐š๐ฒ๐ข๐ง๐ ?

How to overcome ouch of paying

Day by day the competition in the market is increasing in rocket speed. The question is โ€œ๐ก๐จ๐ฐ ๐ญ๐จ ๐ฌ๐ญ๐š๐ฒ ๐š๐ฐ๐š๐ฒ ๐Ÿ๐ซ๐จ๐ฆ ๐œ๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐จ๐ง ๐จ๐ซ ๐›๐ž๐š๐ญ ๐ญ๐ก๐ž ๐œ๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐จ๐ง?โ€

The answer is ๐๐ž๐ฎ๐ซ๐จ๐ฆ๐š๐ซ๐ค๐ž๐ญ๐ข๐ง๐ .

๐๐ž๐ฎ๐ซ๐จ๐ฆ๐š๐ซ๐ค๐ž๐ญ๐ข๐ง๐  says ๐๐จ๐งโ€™๐ญ ๐ฌ๐ž๐ฅ๐ฅ ๐ญ๐จ ๐ฒ๐จ๐ฎ๐ซ ๐œ๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ž๐ซ๐ฌ, ๐ฌ๐ž๐ฅ๐ฅ ๐ญ๐จ ๐ฒ๐จ๐ฎ๐ซ ๐œ๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ž๐ซโ€™๐ฌ ๐๐ซ๐š๐ข๐ง.

 

There are ๐Ÿ๐ŸŽ๐ŸŽโ€™๐ฌ ๐จ๐Ÿ ๐ญ๐จ๐ฉ๐ข๐œ๐ฌ ๐ข๐ง ๐๐ž๐ฎ๐ซ๐จ๐ฆ๐š๐ซ๐ค๐ž๐ญ๐ข๐ง๐  which is not possible to cover in the single article.

So, if you like this first result-oriented Neuromarketing topic, ๐Ÿ๐จ๐ฅ๐ฅ๐จ๐ฐ ๐ฆ๐ž Pradeep Verma for other ๐Ÿ—๐Ÿ— ๐ง๐ž๐ฎ๐ซ๐จ๐ฆ๐š๐ซ๐ค๐ž๐ญ๐ข๐ง๐  ๐ญ๐จ๐ฉ๐ข๐œ๐ฌ which will definitely ๐ข๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž ๐ฒ๐จ๐ฎ๐ซ ๐ฌ๐š๐ฅ๐ž๐ฌ no matter what product you have and what is the cost of the product.

Let’s come to the point….

  • ๐—›๐—ผ๐˜„ ๐˜๐—ผ ๐—ข๐˜ƒ๐—ฒ๐—ฟ๐—ฐ๐—ผ๐—บ๐—ฒ ๐—ง๐—ต๐—ฒ “๐—ข๐˜‚๐—ฐ๐—ต!” ๐—ผ๐—ณ ๐—ฃ๐—ฎ๐˜†๐—ถ๐—ป๐—ด?

One of the key insights neuroeconomics and neuromarketing research have provided us is that buying something can cause the pain center in our brain to light up. Below are the main pain centers.

๐๐ฎ๐ง๐๐ฅ๐ข๐ง๐  ๐Œ๐ข๐ง๐ข๐ฆ๐ข๐ณ๐ž๐ฌ ๐๐š๐ข๐ง

 

Auto luxury bundles minimize negative activation because their price tag covers multiple items.

The consumer canโ€™t relate a specific price to each component in the bundle (leather seats, sunroof, etc) and hence canโ€™t easily evaluate the fairness of the deal or whether the utility of the accessory is worth the price.

Similarly, ๐€๐ฆ๐š๐ณ๐จ๐ง offers bundle recommendations to generate more revenue and increase buyers.

๐…๐š๐ข๐ซ๐ง๐ž๐ฌ๐ฌ ๐‚๐จ๐ฎ๐ง๐ญ๐ฌ

 

Cost perceived fairness or unfairness of the deal that creates the reaction.

There is not always a single “๐Ÿ๐š๐ข๐ซ” price for an item. For most people, a cup of tea at ๐–๐š๐ ๐ก ๐๐š๐ค๐ซ๐ข ๐‹๐จ๐ฎ๐ง๐ ๐ž is a fair price which is more than ๐Ÿ๐ŸŽ๐— ๐ก๐ข๐ ๐ก๐ž๐ซ than a cup from a street corner Tea Stall.

๐’€๐’๐’–๐’“ ๐’‘๐’“๐’Š๐’„๐’† ๐’”๐’‰๐’๐’–๐’๐’… ๐’ƒ๐’† ๐’‡๐’‚๐’Š๐’“ ๐’†๐’๐’๐’–๐’ˆ๐’‰ ๐’‚๐’„๐’„๐’๐’“๐’…๐’Š๐’๐’ˆ ๐’•๐’ ๐’•๐’‰๐’† ๐’”๐’–๐’“๐’“๐’๐’–๐’๐’…๐’Š๐’๐’ˆ ๐’‘๐’†๐’๐’‘๐’๐’†.
 

๐‚๐ซ๐ž๐๐ข๐ญ ๐š๐ฌ ๐๐š๐ข๐ง๐ค๐ข๐ฅ๐ฅ๐ž๐ซ

 

A credit card reduces the pain level by transferring the cost to a future period where it can be paid in small increments.

Hence, not only does a credit card enable a consumer to buy something without actually having the cash, but it also tips the scale as oneโ€™s brain weighs the pain versus the benefit of the purchase.

๐๐ซ๐š๐ข๐ง๐Ÿ๐ฅ๐ฎ๐ž๐ง๐œ๐ž ๐“๐š๐ค๐ž๐š๐ฐ๐š๐ฒ: ๐Œ๐ข๐ง๐ข๐ฆ๐ฎ๐ฆ ๐๐š๐ข๐ง, ๐Œ๐š๐ฑ๐ข๐ฆ๐ฎ๐ฆ ๐’๐š๐ฅ๐ž๐ฌ

 

Pricing and the product itself need to be optimized to minimize the pain of paying.

First, the price must be seen as fair. If your product is more expensive than others, take the time to explain why it is a premium product.

If you find yourself in a situation where, for cost or other reasons, the price of a product is likely to produce an โ€œ๐จ๐ฎ๐œ๐ก!โ€ reaction from your customers, see if some kind of a bundle with complimentary items will dull the pain.

Payment terms and credit options can also reduce the pain of paying. Donโ€™t push your customers into buying products they canโ€™t afford, but even affluent customers will feel less pain if they donโ€™t have to make immediate payment in cash.

P.S.  99 ๐’Ž๐’๐’“๐’† ๐‘ต๐’†๐’–๐’“๐’๐’Ž๐’‚๐’“๐’Œ๐’†๐’•๐’Š๐’๐’ˆ ๐’•๐’Š๐’‘๐’” ๐’‚๐’“๐’† ๐’˜๐’‚๐’Š๐’•๐’Š๐’๐’ˆ ๐’‡๐’๐’“ ๐’š๐’๐’– ๐’•๐’ ๐’Š๐’๐’„๐’“๐’†๐’‚๐’”๐’† ๐’š๐’๐’–๐’“ ๐’‚๐’๐’… ๐’š๐’๐’–๐’“ ๐’„๐’๐’Š๐’†๐’๐’• ๐’”๐’‚๐’๐’†๐’”.