It’s time to break out of the mental models that are holding you back in your marketing decisions. Don’t get me wrong, those tried and true models have served us well, but it’s time to shake things up and try something new.
That’s where these 5 uncommon and underutilised mental models come in. They’ll help you think outside the box and make better marketing choices. So let’s dive in and see how we can use these models to our advantage.
The availability heuristic:
This mental model is all about the idea that people tend to overestimate the likelihood of events based on their availability in memory.
So, how can you use this in marketing? By creating campaigns that focus on the most memorable aspects of your product or service.
For example, if you’re launching a new restaurant, focus on those unique and memorable dishes that’ll stick in customers’ minds long after they leave.
The law of diminishing marginal utility:
Simply put, this mental model states that as a person consumes more of a good or service, the additional satisfaction they receive from each additional unit decreases.
How can you use this in marketing? By creating limited-time offers or encouraging customers to purchase in larger quantities to maximise their satisfaction.
For example, if you’re selling a subscription-based service, offer a discounted rate for a longer-term commitment to encourage customers to purchase more upfront.
The sunk cost fallacy:
This mental model is based on the idea that people are more likely to continue investing in a project or decision if they’ve already invested a significant amount of time, money, or resources into it, even if it’s not likely to be successful.
In marketing, use this to encourage customers to continue using your product or service by highlighting the resources they’ve already invested in it.
For example, if you’re launching a new smartphone, highlight the resources a customer has already invested in their current phone, like apps and data, to encourage them to switch to your product.
The prospect theory:
This mental model is all about the idea that people are more likely to make decisions based on the potential losses or gains they may experience rather than the expected value of a choice.
In marketing, use this by creating campaigns that highlight the potential losses or gains a customer may experience by choosing your product or service over another.
For example, if you’re selling a new insurance policy, highlight the potential losses a customer could experience if they don’t have coverage, like unexpected medical bills or natural disasters, to encourage them to purchase the policy.
The framing effect:
This mental model is based on the idea that people’s perceptions and decisions can be influenced by the way information is presented to them.
In marketing, use this by creating campaigns that present information in a way that is most likely to appeal to a specific target audience.
For example, if you’re selling a luxury car, present it as a status symbol and highlight the prestige and exclusivity of owning it to appeal to a specific target audience.
So there you have it — 5 uncommon and underutilised mental models that can help you think outside the box and make better marketing decisions. Don’t be afraid to shake things up and try something new.
These models may not be the most well-known, but they offer valuable insights and can give you the edge you need to succeed.
Embrace your curiosity and don’t be afraid to try something unconventional. You never know what amazing marketing strategies it may lead you to discover.