This video explains the placebo-effect in Marketing. Based on If it Tastes Bad it Must Be Good: Consumer Naïve Theories and the Marketing Placebo Effect (Wright et Al., 2012)
The placebo effect is the thought that something works, but it only works because you think it works. For example a pill filled with sugar that is sold as a real medicine.
There are four variables that you can manipulate to create a placebo-effect in marketing.
The first marketing variable is PRICE.
Researchers gave an energy drink to a group of people and let them drink it. And afterwards, they had to solve different puzzles as fast as possible. In this study there were 2 versions of the energy drink. One was at the regular price , in this case 5 dollars , and the other one was at a discount price, in this case 1 dollar. Both groups solved the puzzles.
The group that consumed the energy drink with that higher price performed better than the group that consumed the drink with the lower price. So lower prices can really influence our expectations, so be aware of this effect when you reduce the price of your products.
The second variable that we can use to create a placebo-effect is SET SIZE.
Imagine that you go to the store right now and you have to choose between 2 bags of potato chips. Both bags look the same and contain the same chips. The only difference is that the left bag mentions 2 ingredients, and the right bag mentions 5 ingredients. After tasting both products, you have to rate the taste and quality of the chips. The results are amazing. Most people give the right bag, the one that mentioned more ingredients, a better rating than the left bag! But both bags contained the same chips.
So a longer list of ingredients and elements inside, makes your product taste and feel better.
The next variable that can be manipulated is SCARCITY.
When a product has less items on the shelf in the store then a competitor, most people rate the product as better. Consumers automatically think that the product has an higher demand, an so it has to be a good product because everybody wants it. But in reality it stays the same product with the same quality, no matter if the shelf if full or half-empty.
The fourth element that we are looking at is TASTE.
I think his is the most remarkable one.
Researchers studied taste and found a very unexpected result. Most people think that “If it tastes bad it must be good”.
Take the example of drinking an energy drink and the solving the puzzles again. One group of people had a drink with a bad taste, and one group of people had an energy drink with a good taste. Both groups solved puzzles again and got a rating for that. The group that had an energy drink with a bad taste, performed better than the group that got the drink with the good taste. This strange result can be linked with medicines. People believe that medicines with a bad taste will work better than medicines with a good taste. Most consumers use this mindset on other products as well.
Use these four variables to create a placebo effect and boost your product sales almost immediately with little or no money.
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