Activity idea: Have you been persuaded by these marketing techniques?

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Jul 14, 2019
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Behavioral Finance

Enjoyed reading this article from Jim Wasserman (he's on the NGPF podcast here) which highlights 20 ways that marketers nudge us to make decisions to purchase a given product. 

See if you can match up these terms with the resources below:

  • Bandwagon appeal (aka FOMO, fear of missing out)
  • Bundling
  • Flattery
  • Freemium
  • Aspirational buying

After completing the exercise, answer the following:

  • Why do you think these techniques are effective? 
  • Which of the five listed above do you see most frequently in your life? 
  • Think about something you have bought over the last year. Did any of these marketing techniques affect your purchase? 

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Resource 1: You are looking to buy some toothpaste on a shopping site and just before purchase see this on the screen:

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Resource 2: This pic of your friends shows up in your social media feed while you are waiting tables at your local diner in Zanesville, Ohio. 

Resource 3: Ok, the answer to this one is actually built into the company brand so you have to identify the specific phrases to capture the aspirational theme. 

Resource 4: 

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Resource 5: Watch this three minute video

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.