Consider the following scenario. You are walking through your city on a Saturday afternoon, looking to buy a new shirt. All of a sudden, a retail store of an expensive high-end brand catches your eye, with several beautiful high-class shirts in the storefront. You’ve never bought anything from this brand, but you really like it’s style and designs.
Enthusiastically you check how much one shirt costs and are shocked to find that the price tag of one of these shirts almost equals your entire weekly paycheck. Would you be ready to pay this enormous amount of money for a shirt from a brand you’ve never owned anything from?
Being a social animal, humans often glance at other human beings and their way of interacting with one another.
Ever thought ‘Oh horrible, not that commercial again’? Or perhaps that you saw an advertisement which reminded you that you wanted to buy or do something? Perfect timing and frequency can make your consumer love your product or brand, while excessive or wrongly timed ad placement can have a huge downward impact.
Advertisers know a smile can go a long way
When advertising a product to your potential customers, it’s very likely that the product won't just be there on its own. But instead, consumers will be able to put a face to it. More often than not, this face will have a smile on it.
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…