Successful marketing is about increasing sales and maximizing profits, building brand awareness, and developing trust with your audience.
The best methods to achieve this are through promotions, behavioral marketing, and narrative advertising. So let us take a closer look at how they work and why you should choose them if you want to create a fantastic image for your company and conquer the market.
Behavioral marketing: what is it, and what is it all about?
Behavioral marketing is a specific customer-oriented marketing strategy based on studying customer behavior, including the psychology of choice and economic decision-making. It is primarily based on the observations of consumers and their actions. For example, examining precisely how a consumer evaluates the usability of a product, explores the risks, and compares the cost of equivalent products. Therefore, behavioral marketing tools allow you to acknowledge your customers' true desires and to adapt your products to customer needs.
Types of behavioral marketing
There are two behavioral marketing strategies, one is considered more theoretical, and the second can be used, which is why it is more popular.
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Data-driven marketing. This approach is utilized because it allows you to obtain a general picture of customers' behavior based on gathering and analyzing their preferences, characteristics, and motives when buying something. Due to this information, the company offers its target audience products that meet their needs and can incite genuine interest.
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Behavioral economics, or the psychological approach. This type of behavioral marketing is based on understanding why customers buy certain things from the viewpoint of whether it is a conscious or unconscious choice, what beliefs or emotions are behind it, and what triggers influence their preferences, etc. Therefore, using the knowledge of behavioral economics and psychology, marketers adapt their labeling methods, advertising strategies, and the company's products to make advertising more attractive to customers in a competitive market.
Behavioral Marketing Principles
- Behavior does not equate to beliefs
Conventional marketing aims to create necessary confidence among consumers, thereby causing them to behave in a way that will benefit the company. That is, traditional marketers are certain that customer choices are 100% dictated by their beliefs. However, this is not the case! And in contrast to it, behavioral marketing understands this. Therefore, it considers thoughts, emotions, motives, triggers, and other external and internal factors.
- Behaviour shapes beliefs, not the other way around
People's behavior is irrational, so they do not always behave according to their beliefs. Furthermore, many people are likely to act differently from them. Therefore, beliefs tend to transform over time or under the circumstances. As a result, these beliefs are primarily dependent on behavior.
- Behaviour is context dependent
What then determines the behavior of customers? First, their environment and, as a result, their emotional state: feelings, impressions, and intuition. However, the consumer often needs to realize this.
Since many events and phenomena affect us only indirectly and subliminally, it is important to adopt behavioral marketing methods!
How to apply behavioral marketing
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Implement data analytics
Companies must identify the most lucrative types of customers, their habits, and their motives for buying certain goods. Once you receive this information, marketers should adapt their branding strategies to what has been discovered, focusing on more promising audience segments.
- Specify target audience segments
Potential customers should be divided into groups based on similar characteristics: gender, age, interests, numbers, and purchase frequency. This will increase the effectiveness of marketing and the competitiveness of the company.
- Offer customers the most appropriate products and services
By obtaining analytical data, the company can predict all their customer's desires and the entire segment of the customer base. For all groups, their own marketing strategy is established, enabling them to adapt the company's products and services to the target audience's needs, develop an effective loyalty program, increase awareness, and create a positive image for the company.
Likewise, the theories of behavioral economics are used differently to promote a business - narrative advertising.
How narrative marketing works
Narrative advertising is always based on storytelling, a tale, or a short, exciting story whereby you present your brand, products, or services. However, it is more challenging than it might seem at first glance! Storytelling is regarded as one of the most challenging ways to promote a business because its main goal is to generate genuine empathy and positive emotions related to your brand. Simultaneously, the audience can be repelled by didactic and overtly promotional speeches with obsessive messages. Therefore, the story must be honest and relevant, inducing emotions in potential customers.
It is important to note that narrative marketing is not considered traditional advertising to sell products directly. Instead, storytelling is regarded as a holistic marketing strategy focused primarily on building a trusting relationship with the consumer.
How to create a narrative ad
Narrative advertising will always use narrative content. Keep in mind the essential components of any story: there should always be a plot that is understandable to your target audience, a hero, and an antagonist, namely, an enemy who, in all respects, prevents the hero from achieving their goal. It is not necessary for a person to function as an antagonist, often in narrative advertising; some challenging obstacles or a series of failures arise for the customer, or the business hero has to face an enemy. Therefore, purpose and conflict are also essential elements of this narrative.
At the end of your story, the hero must manage all their difficulties and solve their problems. Simultaneously, the audience must also notice their spiritual growth as a consequence of the events, eliminating all fears and transforming the hero's life. Your audience will definitely think at the end: "Ah, so that's why it all started! Yes, I understand the hero like no other." The second phrase is significant because your story should make the customer relate to the main character, empathize with them, and believe that their issues are also resolvable.
As you write, it is important to remember that storytelling is about your company and its products. Therefore, the background of the narrative should be based on your brand's values and unique features. At the same time, focusing solely on the company's success is unnecessary. For marketing purposes, stories about failures and walking a challenging path to fulfilling a dream (in your case, this dream could be starting your own project) are the most effective.
Learning by topic
6 Tips for using narrative advertising effectively
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Establish contact with your target audience. Remember that it is important to stimulate their interest and keep a hold of it. Once again, emotions play a major part in the storytelling strategy. The positive feelings provoked by the target audience will then be associated with your brand.
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The story you tell should have a plot, and the hero should be relatable and close to potential customers.
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Demonstrate the brand's value in this story and show the importance of buying your products.
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Refer to well-known facts and cultural codes (for example, fairy tales or popular films.)
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Be honest and sincere. Share your personal story.
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Consult a screenwriter or copywriter before implementing ads.
Bear in mind that advertising your brand should work in a complex manner. Before implementing behavioral marketing and storytelling strategies, a company needs to attract a large enough audience to conduct a full-fledged study and examine the influence of numerous factors on their economic decisions. Then you will most certainly get high-quality behavioral strategies that will bring you maximum profit and new customers!
