Misconceptions in Marketing Psychology
Marketing Psychology is only one half of the marketing equation. The other half is mathematical probability. Over the years, I’ve seen hundreds of entrepreneurs, and marketing people, struggle to get consistent results because they don’t understand how to leverage mathematical probability. By “leverage,” I mean both in the tactical approach to your marketing campaigns and in how you manage your own expectations and assumptions.
For example, how many times have you spent money on a marketing campaign, only to shut it down because it “didn’t work?” The truth is, even a failed marketing campaign can teach you a lot about your target market and how they want to be marketed to. You can then use this knowledge to build more targeted and compelling marketing campaigns in the future or to refine your “failed” campaign until it does become profitable.
The problem is, most entrepreneurs aren’t measuring their marketing results properly. So, there’s no way they can leverage mathematical probability, because they don’t know what types of results they’re producing, or how they’re producing them. This is why I say that marketing psychology is only half of the equation. I discuss this in more detail in this podcast.
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