Placebo Is for Real – How to apply the placebo effect to consumer marketing
Available on Amazon Kindle Store.
The majority of consumers’ purchase decisions are not based on any kind of value analysis. Emotions tend to guide consumers’ behavior, even though they rationalize their purchase decisions afterwards. The placebo effect draws its power from these emotions.
In this context, placebo means emotional methods that enterprises can exploit to satisfy consumers’ needs. Just like a placebo medicine can cure patients, the placebo effect can deliver deep satisfaction to consumers.
The placebo effect is for real. It has scientifically measured impact on the human mind. If, for instance, a consumer purchases a product to fulfill a specific need, and the consumer strongly believes the product will help, most likely it will help. The placebo effect is in action when a person’s own brains are selling a product to the mind.
This book explores consumers’ decision-making process, where beliefs, expectations, worldview and conditioning to predetermined things define consumers’ unintentional behavior. The placebo effect provides marketers with many tools, such as pricing, services, communication and brand to respond to consumers’ needs. The book analyzes a number of cases where enterprises have managed to benefit from the placebo effect. Sales and marketing professionals can get valuable tips from these cases when they are creating marketing strategies for their products and services.
Erkki Leppänen is a marketing expert who has worked for enterprises and institutions across the world. He has authored a number of sales and marketing guidebooks.
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Table of Contents
1. The Irrational Consumer
Limitations of evidence-based marketing
Background for irrationality
2. The Placebo Effect in Products and Services
The overall picture
3. The Placebo Effect and Pricing
The placebo effect and the price elasticity
The placebo effect of free products
4. Reducing Fear with Placebo
5. Examples of Products and Services that Benefit from the Placebo Effect
6. Put the Placebo Effect into Action
Bibliography and References