The Psychology of Holiday Shopping: 3 Tips on Tapping the Consumer Behaviour
As the holiday season draws near, the airwaves and online spaces are flooded with promotions, bundled offers, and relentless advertising campaigns. It’s a fiercely competitive frenzy where businesses die for attention and sales. To stand out from the crowd this holiday season is to deeply understand the importance of value to the behavior of consumers AND applying it to your target market.
1. Value Over Price
While many brands resort to slashing their prices during this season, which can be a viable strategy, it may not be enough to set you apart. Trying to compete against the “bang for your buck” strategy of these big brands will leave your profit margins thinner than a Black Friday Sale. Instead, you should opt to increase the buck for your bang. Remember to heighten the value of your product and what it means to your market, not how much it costs. A good example of this would be Disney World, which has been known to increase prices (Using dynamic pricing) during the holiday season, yet their value proposition remains irresistible
To illustrate this concept, imagine you have the means to give a gift to the special someone in your life. Would you opt for a cheaper option if you could provide any gift you desire? The answer often lies in the perceived value, not just the price tag.
2. Simplify and Convenient Decision Making
The act of gift giving is a double-edged sword. While it’s a heartwarming tradition, finding the perfect gift for someone can be quite a challenge. However, by concentrating on the gift-giving process and reducing the decision-making burden, you can turn this pain point into a sales-funneling experience for your business. Consider these strategies:
- Product Bundles: Offer curated bundles that simplify choices and present a well-rounded gift option.
- Personalized Gift Decision Maker: Utilize tools or quizzes to help customers find the ideal gift tailored to the recipient’s preferences.
- Gift Vouchers or Cards: Provide the flexibility of choice to the recipient, simplifying the giver’s decision.
- Product Reviews: Highlight reviews and testimonials to offer social proof, making the decision-making process more straightforward for potential buyers.
3. Emotional Buying
During the holiday season, people often find themselves in a more sentimental and emotional state. You can leverage this by crafting content that resonates with your audience on an emotional level. Much like Google’s heartwarming “Home Alone Again” commercial featuring Google Assistant, you can effectively communicate the value of your product through emotional connections, tapping into the spirit of the season.
In conclusion, this season is the most profitable and active time of the year for many industries. With prices getting more competitive and the market being more saturated, take a step forward and study your audience’s behavior. Going into this gift giving holidays, make sure to give these marketing concepts a try, meticulously and creatively applying them to your holiday campaigns could lead you to a successful marketing campaign.
