Importance of Understanding Consumer Psychology

Research indicates that every decision we make is based on emotion. Consumer Psychology helps the marketing team to understand how consumers make decisions based on internal psychological factors and external social persuasion. Essentially, why do people buy what they buy and skip what they skip. According to a study from the University of Texas, our preference for personalized experiences comes down to two key factors: a desire for control and information overload. Smart brands are making their marketing strategies according to their consumers’ needs, making them feel more in control and helping them to bypass the plethora of irrelevant information at their fingertips and offer them what they are in need of at the right time. In this episode, Novnish and I will discuss the importance of understanding Consumer Psychology. Novnish Ramesh, a Marketing Guru an Author of the bestselling Book "The use of Sensory Marketing and its effect on Consumer Behavior," will share insights on the topic.