Five guests. Five episodes. Five insightful conversations on how consumer psychology can be used to cut through a noisy market.
The first half of the second season of our consumer psychology podcast, Market With Me Quikly, was a time to remember — and we’re doing just that. As we prepare for the second half of Season Two, we’re reflecting on our favorite moments from 2022.
Episode 1: The state of inflation and its impact on consumers
There’s no better way to understand the current mindset of consumers than to look at the market they’re faced with.
For the first episode of our second season, we reached out to Barbara Connors, vice president of commercial insights at 84.51° — a retail data science, insights and media company — to gain some insight on how inflation is impacting consumer spending.
According to Connors, financial constraints have a significant impact on consumer behavior and purchasing decisions.
“We’ve seen a flip in what consumers’ highest concerns are. So, if you think back to 2020 and 2021, COVID was the top concern for customers. Now, in 2022, we’re seeing the top concern for customers is actually inflation,” said Connors. “In addition, we have nearly half of customers — 45% — are uncomfortable with their finances, and then the vast majority of customers — 88% — are saying that they are changing their shopping behaviors as a result.”
Connors went on to explain the number one incentive consumers are looking for from brands, the shift in consumer spending habits and the lifestyle changes consumers are making to accommodate their needs.
(Check out the full episode on inflation on Spotify here or Apple Podcasts here.)
Episode 2: The science of consumer narcissism
There’s often a negative connotation with narcissism, and it’s no different when under the lens of consumerism.
Dr. Colleen Kirk, consumer behavior expert and associate professor of management and marketing studies at the New York Institute of Technology, joined us for episode two on the science of consumer narcissism, where we discussed the pros and cons of this groundbreaking concept in DTC marketing.
Kirk explained that consumer narcissism comes in two forms: narcissistic admiration and narcissistic rivalry. And while generally viewed negatively, consumer narcissism does have the potential to benefit brand leaders when approached strategically.
“[Narcisstic admiration] is the 'bright side' of narcissism. It is positively correlated with self-esteem,” said Kirk. “[These consumers] are people who promote themselves and talk about how good they are. And this bright side can be good for marketers, because admirative consumers will say all kinds of positive things about a product or brand they feel like is theirs…”
Kirk also spoke about the relationship between consumer narcissism and consumer empowerment and what form of consumer narcissism brands should avoid.
(Check out the full episode on Spotify here or Apple Podcasts here.)
Episode 3: The consumer psychology of conversions
Take a look at any successful brand, and you can pretty much bet it has conversions down to a science.
Matej Sucha, CEO and editor in chief of insidebe.com, the largest content platform for behavioral economics in business, recently sat down with us to discuss the psychology of conversions.
“One of the major mistakes marketers do is that whenever they want a customer to do something, the first thing they ask themselves is, ‘How can I motivate this customer to do what I want them to do?’ ” Sucha said. “...Suddenly the conversions aren’t going up and you start pushing the customer: You reduce the price, give something for free…but what you haven’t asked is, “Why is the customer not doing something?”
Sucha went on to explain what keeps consumers from moving forward and how brands can rake in more conversions.
(Check out the full episode on conversions on Spotify here or Apple Podcasts here.)
Episode 4: The key to satisfied consumers — how the psychological flow state works
Every brand wants its customers to have the best experience possible, but how many focus on strengthening brand loyalty through consumer psychology?
Consumers are said to be most satisfied when they’re in a “flow state,” the perception of an optimal psychological experience. It’s a feeling that can be hard to nail down with metrics alone, so we invited Dr. Eric Frazer, a psychologist with over 20 years in psychological assessment, to discuss how to create a flow state in the fourth episode.
Creating this type of “flow” occurs by focusing on two consumer needs: community cohesiveness and quality information.
Community cohesiveness is typically formed through brand community sharing useful information such as posts, comments and reviews within the community to better the experience. It thrives on psychology like social proof, the idea that humans imitate the behaviors of people they know or trust (like those in their brand community).
“When you have community cohesiveness, that is social proof. That is when the marketer knows that their product or service is hitting the mark, because when it does you have this flow and people are excited to talk about your product or service…” Frazer said.
As the conversation continued, Frazer discussed how quality information adds to the consumer experience and what else brands should know about the flow state.
(Check out the full episode on flow state on Spotify here or Apple Podcasts here.)
Episode 5: Using consumer psychology to cut through the noise with Dr. Matt Johnson
Having open lines of communication with consumers is of the utmost importance for any B2C brand. So when noisy markets threaten the relationship between consumers and brands, finding a solution matters greatly.
Dr. Matt Johnson, Professor of Consumer Psychology and Marketing at Hult International Business School and author of “Branding that Means Business,” sat down with us to discuss how consumer psychology lends itself to the world of branding. Johnson took us through the fundamentals of human nature and how brands can position themselves for the future.
“The act of brand building is a long-term marketing function. By definition, it really needs to be oriented around elements that are constant, and the most relevant constant is going to be the fundamentals of human nature,” Johnson said.
To Johnson, “humans are going to be humans.” And while the fundamental nature of humans has not changed, that insight can only take marketers so far. This is where he says consumer psychology offers another perspective that will help human-centered brands establish meaningful relationships with consumers.
(Check out the full episode on cutting through the noise on Spotify here or Apple Podcasts here.)
Market with Me Quikly's second season will be returning in 2023. You can listen to episodes on Spotify or Apple Podcasts.
We’ll be continuing our talks on consumer-facing marketing with an emphasis on consumer psychology. If you’re an expert in B2C marketing or marketing psychology, we’d love to hear from you. Email me at lindsay@quikly.com. Let’s cut through the noise together.
