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Cognitive Biases in Consumer Behaviour and Marketing

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Consumer Behaviour - Cognitive Biases

Successful strategies in the dynamic field of marketing are built on an understanding of consumer behaviour. Cognitive biases, which have their roots in human psychology, have a big influence on purchasing decisions. This article will examine how these biases affect customer behaviour and how companies may use this information to create marketing strategies that are more successful.

Cognitive biases are mental shortcuts or patterns of thinking that often lead people to make irrational decisions. These biases are a result of our brain’s attempt to simplify information processing, but they can also lead to predictable errors in judgment. Here are a few common cognitive biases that significantly impact consumer behavior:

  1. Confirmation Bias: People tend to seek out information that confirms their pre-existing beliefs and ignore contradictory information. In marketing, this bias can be leveraged by aligning your messaging with the consumer’s existing mindset.
  2. Anchoring Bias: Consumers tend to rely heavily on the first piece of information they receive when making decisions. This is why “original price” and “discounted price” labels can sway purchase decisions.
  3. Social Proof: People are influenced by the behavior of others. Testimonials, user reviews, and social media likes and shares can create a bandwagon effect, encouraging more people to engage with your brand.

Consumer Engagement

  1. Recency Effect: Consumers give more weight to recent information. This bias can be exploited through time-sensitive offers and flash sales.
  2. Loss Aversion: People fear losing what they have more than they desire to gain something new. This principle underlies the effectiveness of limited-time offers and the fear of missing out (FOMO).

Leveraging Consumer Behaviour in Marketing

Understanding cognitive biases can be a game-changer in marketing. By aligning your strategies with the way people naturally think and make decisions, you can create more compelling and persuasive marketing campaigns. Here’s how:

  • Use Social Proof: Encourage customer reviews and testimonials to build trust and show that others have had positive experiences with your product or service.
  • Scarcity and Urgency: Create a sense of urgency in your marketing. Limited-time offers, flash sales, and low-stock alerts can tap into the fear of missing out and the desire to act quickly.
  • Framing and Anchoring: Present your product or service in a way that highlights its value. Use anchor prices or comparisons to make your offerings seem like a great deal.
  • Personalization: Tailor your marketing messages to individual preferences. This minimizes cognitive dissonance and reinforces consumers’ existing beliefs.
  • Transparency: Address cognitive biases by being transparent about your product or service’s limitations. Honesty and candor can build trust with consumers.

Case Study: Amazon’s Use of Anchoring Bias

Amazon is a master of the anchoring bias. When you visit a product page, you’re often presented with a higher original price crossed out next to the current price. This anchored original price gives you the impression that you’re getting a great deal, even if the discount isn’t as significant as it appears.

Measuring the Impact of Cognitive Biases

To measure the effectiveness of your marketing strategies rooted in cognitive biases, pay attention to:

  • Conversion Rates: Measure the percentage of people who took the desired action after encountering your campaign.
  • Click-Through Rates: Analyze how many people engaged with your ad or content.
  • Customer Feedback: Listen to customer reviews, comments, and feedback to gauge their reactions to your strategies.

Check more stories: Profit with Purpose: Turning Sustainable Brands into Consumer Conversions

  • A/B Testing: Run A/B tests to compare the performance of campaigns that leverage cognitive biases with those that don’t.

Cognitive biases are deeply embedded in human decision-making processes. By understanding and utilizing these biases, businesses can create marketing campaigns that resonate with consumers on a subconscious level. Successful marketing is not just about promoting a product or service; it’s about understanding how the human mind works and aligning your strategies with those natural inclinations. In doing so, you can shape consumer behavior and drive your business toward greater success in the dynamic world of marketing.

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Jubilant Foodworks: Q2 Net Profit Drops 26%, Revenue Grows Amid Expansion

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Jubilant Foodworks

Jubilant Foodworks Limited, the company behind popular fast-food brands Domino’s Pizza and Dunkin’ Donuts, reported a 26 percent drop in its consolidated net profit for the second quarter (Q2) ending September 2023. The net profit stood at INR 97.20 crore, down from INR 131.53 crore in the corresponding period of the previous fiscal year, as per a regulatory filing made on Wednesday.

Nevertheless, its total revenue increased to INR 1,375.69 crore in the second quarter of fiscal year 2024, up from INR 1,311.92 crore in the second quarter of fiscal year 2023.

Jubilant Foodworks Business Expansion:

The company’s overall expenditures for the September quarter also saw a rise, reaching INR 1,290.16 crore in the second quarter of fiscal year 2024, compared to total expenses of INR 1,153.92 crore in the corresponding period of the previous fiscal year, according to the BSE filing.

Jubilant FoodWorks News

Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said, “We are focused on pursuing growth, driving innovation and executing on opportunities to expand margins. Our investments in technology and delivery channel are paying off, as we registered positive like-for-like growth in the channel and traffic on the app grew ahead of our plan. We will continue to make investments in store expansion, technology and the team to stay ahead of the curve and ensure our continued long-term success.”

Jubilant Foodworks – CEO and Staff!

Sameer Khetarpal, CEO and MD, Jubilant FoodWorks Limited said, “The growth continues to be order led with elevated level of consumer engagement and the decline in ticket is also now arrested. Also, second consecutive quarter of sequential improvement in ADS of mature stores and Gross Margins are early indicators of structural improvement in the health of our business. Every single action being taken by us is not only helping us manage the short-term challenge but will also ensure a very solid foundation for the long-term growth of our business.”

In India, the company launched 60 new stores, expanding its network to a total of 1,949 stores across all of its brands.

By opening 50 new stores and venturing into three additional cities, Domino’s India bolstered its network presence to encompass 1,888 stores spread across 397 cities.

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The company expanded its presence in several ways: it introduced five new Popeyes restaurants, marking its entry into two new cities—Hyderabad and Madurai, which brought the total network to 22 restaurants spanning six cities. For Hong’s Kitchen, four new stores were incorporated, elevating the network to 18 stores across three cities. In the case of Dunkin’, a new store opened in a previously unrepresented city, and now 11 out of 21 stores align with the brand’s coffee-first concept.

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Yum Yum Cha expands its pan Asian dining experience to Noida

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SnackTeam
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Yum Yum Cha
Yum Yum Cha (Representative Image)

The Yum Yum Tree Group is excited to introduce Yum Yum Cha in Noida, marking a new addition to their culinary offerings.

Yum Yum Cha, renowned for its Pan Asian cuisine and unique dining ambiance, was established by Restaurateur Mr. Varun Tuli in 2008.

Yum Yum Cha Recognition:

They gained recognition by introducing India’s first sushi conveyor belt and revolutionizing Sunday brunches, not just in New Delhi but across the entire nation.

Over time, it has evolved into a dining destination, expanding to various locations including Select Citywalk Mall (2014), DLF Cyber Hub (2016), Khan Market (2017), and DLF Promenade (2018).

“We are excited to bring the flavors of Yum Yum Cha to Noida and look forward to welcoming patrons to our newest location. Our commitment to offering a unique and delightful dining experience remains unwavering,” said Mr. Varun Tuli, Managing Director, The Yum Yum Tree Group.

Menu blends traditional and creative elements, showcasing dishes like “Little Bundles of Joy” and “Huge Bowls of Happiness.”

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Significantly, the menu also offers a dedicated section for gluten-free choices, guaranteeing its appeal to a diverse range of dietary preferences.

The dining experience at Yum Yum Cha is elevated with an array of gourmet delights, encompassing Dim Sum, Sushi, Sizzling Stone Bowls, Bubbling Hot Pots, Mochi Ice Cream, Fun Bottles, and an assortment of snacks.

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Despite beer sales drop, Heineken reports Q3 earnings boost

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SnackTeam
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Heineken
Heineken

Heineken retained its full-year outlook on Wednesday after the world’s second-largest brewery witnessed a decline in beer sales during the third quarter. Nevertheless, the company managed to boost its earnings by capitalizing on higher prices and the growing consumer preference for premium lagers.

Heineken Owns Brands like Sol and Tiger:

The European beverage company renowned for its top-selling lager, Heineken, alongside brands like Sol and Tiger, reported that Brazil and Mexico showed strong performance. In Asia, the situation had improved compared to earlier, although it was still below expectations. In Africa, declining volumes in Nigeria and South Africa had a negative impact, while in Europe, the unseasonably poor summer weather in July and August had adverse effects.

In a statement, CEO Dolf van den Brink mentioned that Heineken had observed positive volume trends in approximately half of its markets and was successfully maintaining its market share in slightly over half of them.

“Whilst inflation-led pricing is tapering, we observe a slowdown of consumer demand in various markets facing challenging macro-economic conditions,” he said.

During the July-September quarter, Heineken reported a 4.2% decrease in beer volumes on a like-for-like basis, with declines evident in all regions except the Americas. Nevertheless, net revenue, excluding one-off items, increased by 4.5%.

See some great news: Yum Yum Cha expands its pan Asian dining experience to Noida

The results were in accordance with anticipated figures, as analysts surveyed in a company-conducted poll had predicted a 4.3% decrease in volumes and a 4.8% revenue increase.

Heineken reaffirmed its projection for operating profit growth in 2023, which falls within the range of zero to a mid-single-digit percentage increase.

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Proost Beer raises $3 Million in pre-Series A funding round for expansion

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SnackTeam
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Proost beers
Proost beers (Representative Image)

Delhi-based Proost Beer recently wrapped up its pre-Series A funding round, raising an impressive INR 25 crore (equivalent to $3 million) through a blend of equity and debt. This substantial investment comes from a diverse group of backers, encompassing both loyal and new investors. Notable contributors to this round include Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agility Venture.

Previously, Proost Beer secured INR 8.5 crore in a combination of equity and debt financing. This funding was led by prominent investors such as Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and various others.

Proost Beer Funding:

In a press release, They stated that the newly acquired funds will be utilized for the purpose of expansion.

Established in 2017 by Vijay P Sharma and Tarun Bhargwa, the company prides itself on its distinctive brewing process and recipe, delivering a premium-quality beer known for its smooth taste. Proost Beer employs top-notch, locally and internationally sourced raw materials to ensure an authentic and unparalleled flavor.

Kochi cracks down on eateries without STPs: 72-hour ultimatum issued

They maintains a robust presence in Delhi, Punjab, Uttar Pradesh, and Kerala, boasting a remarkable sales rate of 9 units of beer every minute.

Check more news: Kochi cracks down on eateries without STPs: 72-hour ultimatum issued

The company has set ambitious expectations, aiming for a 300% growth in the current financial year, FY23-24.

Proost Beer faces competition from notable players in the industry, including Goan-based Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and more.

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Flower Aura’s Enchanting Rebrand on Their 13th Anniversary

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Flower Aura
Flower Aura

Flower Aura recently marked its 13th anniversary with a complete reimagining of its brand identity. In a world where every gesture serves as a canvas for personal expression, Flower Aura recognizes that gifting has evolved beyond simple material exchanges. It now represents a symbol of thoughtfulness, a reflection of emotions, and a celebration of relationships.

Flower Aura’s Anniversary!

In the midst of evolving dynamics and growing aspirations, Flower Aura gracefully welcomes change. Having cultivated numerous relationships through their products, the brand is now embarking on a new chapter. With an enchanting logo, a warm and sophisticated color palette, innovative packaging, and a renewed emphasis on indulgence, Flower Aura aspires to establish itself as the ultimate destination for cakes and gifts.

Adopting a livelier color scheme and a more streamlined design, Flower Aura harmonizes with the evolving notion of gift-giving, epitomizing its central principle: “When words are insufficient.” The brand holds that the joy of giving begins with the excitement of unwrapping a beautifully presented gift. Flower Aura’s rebranding transcends a mere logo or color update; it signifies an artistic reinvention of gifting, infusing it with profound emotion and elegance.

Throughout the last 13 years, Flower Aura has stood as the favored option for gifting, bringing joy to people’s lives with thoughtfully crafted bouquets and carefully selected gift collections. The brand is enhancing its dedication to quality and service. The new, user-friendly website, revamped interface, and smooth mobile experience have been created to streamline the quest for the ideal gift.

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Shrey Sehgal, Founder and CEO of Flower Aura said, “The journey from receiving a gift to unwrapping it should be as delightful as the gift itself. That’s why we have invested significant effort in designing our new packaging. It’s more than just a box; it’s the initial impression the brand leaves on its customers. Our sleek and sustainable packaging not only safeguards your gift but also enhances the overall experience, turning every gift into a cherished treasure.”

The brand extends a warm invitation to its cherished users, patrons, and partners, inviting them to join in this transformation, celebrate its growth, and collectively reshape gifting into an experience that profoundly touches hearts and goes beyond traditional norms.

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Virgio Backed by Accel – Restructures and Lays Off 20 Employees!

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Virgio
Virgio

Virgio, the fashion startup, recently initiated a workforce restructuring effort that led to the termination of 20 employees, representing approximately one-third of its workforce. A Moneycontrol report reveals that this cost-saving initiative primarily impacted senior staff members.

Established in 2022 by Amar Nagaram, a former high-ranking executive at Myntra, Virgio originally launched as a platform centered around fast fashion trends, drawing inspiration from the now-prohibited Chinese fast fashion giant, Shein. Nevertheless, just recently, Virgio shifted its focus from fast fashion to becoming a sustainable fashion company.

Apart from the workforce reductions, Virgio has reorganized its senior leadership team and is currently in the process of actively hiring to fill the open positions, as mentioned in the report.

Virgio is said to have implemented the subsequent modifications:

  • Hansa Nigam, the former marketing lead for OnePlus Nord India, has taken on the role of Marketing Head at Virgio, succeeding Sachin Tandon.
  • Prachi Sharma, with prior experience at renowned brands like Calvin Klein and Tommy Hilfiger, has assumed the leadership of Virgio’s sourcing and design department, succeeding Rajesh Narkar.

Amar Nagaram Virgio
Amar Nagaram Virgio
  • Hansa Nigam, previously the Marketing Lead for OnePlus Nord in India, has taken over as the Head of Marketing at Virgio, replacing Sachin Tandon.
  • Suyash Motarwar, who has held positions at Flipkart and PharmEasy in the past, now leads Virgio’s technology division, taking over from Nishant Khurana.
  • Ashish Ranka, formerly associated with Flipkart and CoinSwitch, has come on board as the new Head of Product, succeeding Neelesh Soni.

It’s worth mentioning that all four departing executives – Narkar, Tandon, Khurana, and Soni – had previously been part of Myntra during Amar Nagaram‘s tenure as CEO of the Walmart-owned company.

Final Verdict!

At the time of pivot, Nagaram said, “While fast fashion is agile, trendy and caters to the growing needs of the young blood in India, it also promotes over production, over consumption. Fast fashion companies use harmful fabrics and exploit labour to cut corners on pricing and quality fuelling the market with what will be sent to landfills. It’s a global crisis and we all are witnessing it. That’s why we’ve made a conscious choice to move our entire efforts to build a circular fashion brand.”.

Some more exciting news: Flower Aura’s Enchanting Rebrand on Their 13th Anniversary

Since its inception, Company has secured $37.8 million in funding from notable investors such as Prosus Ventures, Accel, and Alpha Wave. According to Nagaram, the capital acquired during the Series A round is still in the company’s possession, affording them a financial runway of three years.

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Subway Unveils State-of-the-Art Dual Headquarters in Connecticut

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SnackTeam
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Subway
Subway

Subway, a US-based multinational quick service restaurant (QSR) company, has announced the opening of its second dual headquarters in Shelton, Connecticut, USA.

Global dual headquarters is situated at 1 Corporate Drive, an office building within the Enterprise Corporate Park of RD Scintos in the bustling business district of Shelton.

It is located approximately ten miles from previous Milford office, offering convenient accessibility to both primary and alternate routes.

Subway Initiatives:

Shelton office has been specifically planned to drive forward the restaurant company’s multi-year transformation initiatives aimed at improving every facet of its operations.

At the same time, this office environment is anticipated to enhance the quality of experience for the employees of the QSR brand.

Subway-Sub
Subway-Sub

The newly renovated workspace spans three floors and encompasses 90,000 square feet, with an open floor design that includes various conference, huddle, and multipurpose rooms.

Within the Shelton dual headquarters, there is also “The Lounge,” a designated area where employees can gather and enjoy meals.

At RD Scintos‘ Enterprise Corporate Park, Company’s employees have access to a range of on-site amenities, including multiple dining choices, fitness centers, childcare services, beauty salons and spas, complimentary recreational activities, and healthcare providers.

Subway CEO John Chidsey said, “Connecticut has been at the heart of Subway’s story for nearly 60 years.

“The strategic relocation of our global dual-headquarters to Shelton will provide employees with a world-class workplace and unlock access to services to help enhance their wellbeing. In addition, it will serve as a showcase of our brand and a welcoming place for guests to visit.”

The newly opened Shelton office building is now home to all of Subway’s Connecticut-based employees responsible for essential business functions, such as finance, human resources, and legal.

Find some great news: Virgio Backed by Accel – Restructures and Lays Off 20 Employees!

Subway business services director Bill Ekstrom said, “Our new Shelton headquarters is an important step in modernising the brand and underscores our dedication to establishing an optimal workplace for innovation, collaboration and work-life balance.”

In 2022, They opened its first dual headquarters in Miami, which was dedicated to handling all the consumer-facing functions of the company.

Subway’s Latin American regional office staff is based in the Miami office.

In March 2023, They inaugurated its second headquarters in Miami, featuring an Innovation Center and a Mock Restaurant.

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Anko India kicks off festive season with up to 60% off on homeware items

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SnackTeam
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Anko India, the beloved Australian homeware retail brand, is thrilled to declare the start of its highly anticipated festive sale. This exciting event is now in progress on Anko’s official website, granting customers the opportunity to enjoy significant savings of up to 60 percent on a wide variety of homeware items.

Anko India – Sale is Live:

In this festive season, Anko is delighted to showcase a carefully curated assortment of premium gift choices in Glassware, Dinnerware, Candles and Diffusers, Home Decor, and Kitchenware.

Whether you aim to enhance your home’s aesthetics or discover the ideal gift for your dear ones, Anko’s sale encompasses a diverse range of top-notch products. As an extra treat, Anko is extending a coupon code, “Festive20,” which provides shoppers with extra discounts to further enhance the affordability of their purchases.

Check exciting news: Subway Unveils State-of-the-Art Dual Headquarters in Connecticut

Anko continues to uphold its dedication to offering high-quality homeware items at affordable prices. With the introduction of this significant festive sale, Anko India aims not only to enhance the living spaces of its valued customers but also to strengthen its presence in the Indian homeware retail sector.

With an unyielding commitment to delivering exceptional value, Anko India strives to further establish itself as a leading contender in the Indian homeware market.

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Marico’s innovative flavor strategy propels Saffola to top spot in oats market

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Marico Saffola
Marico Saffola

Marico, a prominent domestic FMCG company, demonstrates its ability to add flavor and outperform the PepsiCo-owned brand Quaker oats.

Marico’s approach of infusing a regional essence into oats, by introducing a savory variant to a predominantly sweet global offering, has propelled Saffola to surpass Quaker as the top brand in the category.

Marico’s Flavor Strategy Propels Saffola to Oats Market Summit!

Saffola currently commands a market share by value of 42%, outpacing Quaker, which stands at approximately 34% (as of MAT December 2022), according to data from Kantar, a marketing data and analytics company. A year ago, Quaker held the top position with a value share of around 38%, while Saffola was at approximately 37%. To clarify, a moving annual total (MAT) represents the total value of a variable over the preceding 12 months.

Saffola oats, offered in both plain and masala varieties, have expanded the snacking possibilities within the category, extending beyond the traditional breakfast niche. In contrast, Quaker primarily emphasizes oats as a breakfast option. Historically, oats have been predominantly enjoyed as a morning meal.

Marico
Marico

Marico’s MD & CEO Saugata Gupta said, “We are proud to have achieved this milestone and emerge as leaders in the oats category… Indians are uncompromising when it comes to taste. With this basic learning, we set out to Indianise oats by addressing the quintessential Indian taste preferences, while seamlessly integrating the health benefits that it offers.”

A PepsiCo spokesperson said, “Quaker is a strong market leader in the oats breakfast cereals segment in India, driven by our 145 years of nutritional expertise. It is not comparable to selectively club other segments that may have oats as an ingredient for calculating market share.”

The oats category is on the rise, with its urban India presence expanding from 11% in MAT July 2020 to 17% in MAT July 2023, as per Kantar’s household penetration data. This category can be broadly classified into two segments: plain oats (with an 11% penetration) and flavored oats (with 8% penetration). Among these, Saffola oats holds the top position with a 11% penetration rate in MAT July 2023, while Quaker oats lags behind with a 5% penetration.

News never heard of: Anko India kicks off festive season with up to 60% off on homeware items

Marico has additionally incorporated millets into its oats lineup, aligning with its approach to provide healthier product options. Competing within the INR 500-crore oats category, other key players include Kellogg’s (holding a share of less than 10%), followed by Bagrry’s (2.5%), and Horlicks (with a share below a percentage point).

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