Most businesses still don’t value the role of social science. Some focus on coming up with the best solution to a problem while primarily relying on STEM (Science Technology, Engineering, and Math). While STEM is crucial in most businesses, social sciences are equally important.
In marketing, some businesses rely on marketing tools and techniques but avoid one vital aspect, the actual social interaction with the prospects. If you run a sports or betting company, below are some social science aspects that can help you revamp your marketing strategy.
4 Facts to Learn from Social Science for Better Marketing
You Need an Emotional Appeal
A good marketing strategy should not only focus on conversion rates, ROI’s, and impressions, but it should also focus on appealing emotionally to customers. While most consumers think that they deliberately make a decision on what to purchase or the amount of money to wager on a bet, in this case, this study establishes that most of these decisions happen in our subconscious.
The subconscious impacts our lives in terms of aversion, attraction, suspicion, and trust. Therefore, you can’t always rely on what consumers say or respond to your surveys since they may not always know what they want. What you should do is dig deeper and appeal to them on a deeper level.
Examples of Emotional Marketing
Some of the emotional appeals you can use include;
· Instant gratification – You can inspire more signups to your online sportsbook through instant gratification. Studies show that people expect instant gratification from aspects of life. You can use words like Join Now, Instant Access, Today, etc. A good example is a banner on betsafe’s website. It shows that new signups will get a 100% welcome free bet as soon as they join, and they specifically use the words “Join Now”. “Play Now” is also commonly used in sports betting emotional marketing.
· Trust – Online betting companies have gained some bad reputation over the years. This is because not all are genuine. Some are out to trick unsuspecting punters. Those who are genuine try harder to build trust by giving their story and showing real faces of the people behind their business on their About US page. Having a Contact Us page, responding promptly to queries and social media messages also go a long way in building trust. William Hill, one of the most trusted sports betting companies, has an explicit about us page where they explain their origin, values and show the real faces of the executive team.
· Create A Sense Of Belonging – Naturally, people need to belong to something, either a community, a group, or family. Abraham Maslow’s law of needs places belonging as next in line after achieving physiological needs and safety. If you can offer a sense of belonging to your customers, you can build a healthy customer base. One excellent way of doing this is by creating online communities on social media platforms, such as Facebook, Discord, Reddit, or Twitter. G2esports has an excellent example of a social community on Reddit, rG2eSports. Building an online community is also a perfect way to reduce customer churn rate.
The Power of Reciprocity
Most communities around the world thrive on reciprocity. If I get a friend a wedding gift or a birthday gift, they feel compelled to do the same when I have a similar occasion. If a stranger texted you a simple “Hello”, you’d feel uncomfortable if you don’t extend the same courtesy. I know I would. Businesses can also leverage this by offering incentives to their customers and expect them to trust them by signing up and becoming long-term clients.
Top online bookmakers offer welcome bonuses or free bets on the initial deposit and even promotional bonuses to keep their loyal customers happy. As a result, betters feel inclined to sign up with them and even spend more on the sites. Besides bonuses, these sites also offer free betting tips, sports updates, and other small favors to their new and seasoned customers. All of these favors go a long way in building a loyal customer base.
Strong Values Bring Value
Another fact you can learn from social sciences is that if you show potential customers the values you stand for, they are more likely to sign up with you and become loyal customers. According to this study on consumer behavior, 64% of customers will be devoted to your business just because you have the same values, or you both stand for something meaningful.
Sports betting companies can leverage this too. Some of them already are. You should find what your business really stands for, and embed it in your marketing strategy and hope to find customers with whom you share values.
Betway, a leading sports betting company, shares their values on their About US page: Everything is Possible, Share the Thrill, Responsibility, and Authenticity. Such values can be quite reassuring considering the reputation most gambling sites have.
Build Trust by Admitting Your Faults
Customers aren’t only looking for success stories, but they are also looking for a business that’s vulnerable enough to admit when it’s wrong. This shows that your business is “real”, and it gives you a better chance to connect with them.
Psychologist Fiona Lee conducted a study where she sought to establish an increase in stock price when a company took responsibility for a problem. She analyzed two scenarios, one where a company took responsibility by claiming the issue resulted from an error on their part. And another scenario where a company blamed external problems such as market crashes.
According to the study, a company that admitted an internal error showed they are in control of their business, and their market value was more likely to rise. Blaming external issues showed that a business is irresponsible and incapable of solving the problem.
In 2016, bet365, a leading sports betting company, admitted they made a mistake when they sent an email to one of their customers claiming they will charge her account 5% of her balance every month as they did with all dormant accounts, and she had to log in and withdraw.
However, her account balance was frozen as they were waiting for a ruling from the IBAS (International Betting Adjudication Service). Betfair did the same when they paid out dividends in a way that violated the ICAEW (Institute of Chartered Accounts in England and Wales) regulations.
And there you have it. Regardless of the business you’re in, social science is vital to make sure your product solves a problem. And to make sure you present it to your customers in the best way possible. Start by appealing to them emotionally, leveraging reciprocity, building solid values, and being ready to admit when things don’t go as planned. You can even hire a social science specialist to work with your sales and marketing teams.
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