BusinessInfographic

The Psychology of Choice [Infographic]

Stores and their suppliers are constantly analyzing data and trying to find new ways to reach their customers.  Where does all this data come from, you ask?  Good question.  Stores use a number of different ways to track what you’re purchasing in an effort to target your specific likes and increase your spending.

Customer loyalty cards, for example, often provide the consumer with discounts on their purchases, but these discounts are a small price to pay when you consider what the store is getting from you in return.  When you sign up for the loyalty card you provide the store with your basic information (name, address, phone number, ect), but then when you use the card the store is able to keep track of the things you buy and in turn use that information to target your specific likes in an effort to increase spending.  For example, many stores give coupons as an incentive, but one Harvard study shows that the right coupon can actually lead the consumer to spend more.

To learn more about how marketers are using psychology to their advantage, check out this infographic from BestPsychologyDegrees.  Will this information effect your next purchase?

psychology of choice

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Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018. Follow Brian Wallace on LinkedIn as well as Twitter.

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