It’s no secret that framing marketing works wonders for businesses. In the following article we would try to explain what is the framing effect, and share some tips about how you can implement it into your marketing efforts.
What is the Framing Effect? To put it simply, the Framing Effect is a psychological phenomenon used in marketing, copywriting, branding, and most aspects of business where people buy products. Framing Effect is when a purchase decision is heavily influenced by how a product is framed in the mind of the consumer. Think about a grocery aisle where products are organized and displayed by consumer preference rather than price. Other examples of the framing effect can be seen in advertising based on vibrant colors, precise language, strident music etc.There are many ways you can leverage the Framing Effect in your marketing campaign to increase your conversion rates.
One of the most famous examples of the Framing Effect can be seen in the Reconstruction of Automobile Destruction experiment(1974). In 1974, Psychologists Elizabeth Loftus and John Palmer conducted a study about how specific language can affect an eyewitness’s account of an event- in this case an automobile accident.
The Experiment involved two different studies.
Loftus and Palmer wanted to test the accuracy of witnesses’ memories on reporting numerical details such as speed and time.In the first study, 45 test subjects were shown seven films of automobile accidents with each film ranging between 5-30 seconds. That was the control group.
In the second study, 150 test subjects were randomly assigned into three groups and shown the same seven films of automobile accidents with each film ranging between 5-30 seconds. In both studies, test subjects were asked in the accompanying questionnaire about the speed when the cars hit/ smashed/collided/contacted each other resulting in the automobile accident. Loftus and Palmer found out that the estimated speed of the cars were affected by the severity of the verb used in the question. For example: for participants who were asked about the speed when the cars “smashed” into each other, the estimated mean speed of the cars were 40.5mph. while the estimated mean speed was 31 mph when the verb used to describe the car accident was “hit”.
Based on these findings, Loftus and Palmer concluded that precise language used can affect participants’ perceptions of an event. Loftus and Palmer gave two explanations for these findings:
1. Misleading information could have influenced the participant to be uncertain whether to say 30 mph or 40 mph for the estimated mean speed.
2. Memory of the event is altered based on the verb used.The verb “smashed” may change a subject’s memory such that he sees the accident as being more severe than it actually was.
So how can you effectively use Framing Effect in B2B marketing? Follow these four steps:
- Frame your product or service as a gain- By framing your product or service as gain in your customers’ mind it will increase your conversions. By nature,most people are risk averse and will only become a paying customer if there is a benefit. Furthemore, when it comes to gains- customers want a guarantee.
- Frame your product or service as a low risk alternative- By framing your product or service as a low risk alternative in your customers’ mind it will increase your conversions. For example: Try to convince your customers that your product/service has a low risk with high rewards.This helps to neutralize the risk that potential buyers inevitably associate with making a substantial change.
- Framing and the Time value of Money- People favor short term rewards more than long term rewards. For example, would you rather receive $1 now or $1.10 one year from now. Based on the principle of the time value of money, most people will want the $1 today.
- Know your Audience:Framing is about how we are influenced by how the same fact or question is presented. For example, take two yogurt pots. One says “10 percent fat” and another says “90 percent fat free”. Try to match the description of your product to your audience and what they are interested in. If you try to position yourself as a healthy product that can fit in your diet, you might want to frame it as 90 % fat free.
As you can see, the Framing Effect can only benefit your marketing efforts. By using Framing Effect, you can increase your lead conversion rate in your B2B marketing campaign!
Want to find more leads by applying behavioural economics to your lead gen campaigns? Get in touch!