Did you know that bitcoin was going for a measly $0.08 in 2010? Most people did not buy the coin then because, why buy something that cost pennies?
Fast forward to 2021 we have the cryptocurrency going for $60000. In 2022, crypto experts say that a single coin might be going for $150000.
What does this information make you feel? Does it make you wish that you had bought the coin in 2010 when it was going for less than a dollar? You are not alone. Most people regret not having purchased the coin early.
But because you know how to let bygones be bygones, you want to buy the coin today so that you can see a 100% increase in your investment next year. And you are also not alone in this. There is a rush for the crypto coins, especially after the world’s richest man, Elon Musk, fired a series of tweets about the coin.
Well, this is called the FOMO marketing principle. FOMO means ‘fear of missing out. The principle of FOMO makes you feel that you are missing out on something and because nobody wants to miss out on the good things, you go ahead to buy.
6 Principles of Marketing we have learned from speculating
Other than FOMO or what most marketers call creating a scarcity mentality, businesses use other principles to get more people converting. Let’s look at them:
- The Principle of Reciprocation
After many years of speculating, we realized that if there is one field where the adage one good turn deserves another applies best is in marketing. Your readers are people with emotions and gratitude.
Once you give them freebies such as risk-free bets, free trial bets, or low vigs, they will reciprocate too. It could be that they will sign up for that newsletter you are circulating or become loyal customers who always bet with you. What you give out comes back to you.
Case studies
Oddschecker has a vast list of sportsbooks that are offering free bets. In return, these sites are sure to get your details which they could use to pitch other bets in the future. At the same time, you will feel indebted to them so that you turn out to be a loyal customer.
- The Scarcity principle
If something is readily available to your readers and then you threaten to withdraw it, be sure that they will convert quickly. FOMO is so natural in marketing. We have found out that your subscription and sales go up when you infuse a sense of urgency.
During the festive seasons, marketers are notorious for this. They will announce that they have commodities slashed by 50%, which gets people going berserk as they try to purchase the products within the limited timeline.
The principle of scarcity is why we have Black Friday, Cyber Monday, and the 12 days of Christmas when marketers see many people buying products.
Case studies
In sports betting, the odds are always going low as the game nears. This creates a scarcity mentality in the sports bettor’s mind so that they feel the need to bet early when the odds are still high.
3. The Monkey see, monkey do principle
Monkey see monkey do. This is so real in online marketing. People want to do something when they see other people doing it. And that is why online reviews are it thing at the moment.
They create the bandwagon effect where people crazily go for products simply because they have seen tons of testimonials and case studies of people who have used a particular service and were stoked about the experience.
Case Studies
Sports betting sites are heavily leveraging online reviews to get more customers signing up to their platforms. At the same time, they use renowned stars as their brand ambassadors. When bettors see these superstars claiming to have bet with a certain sportsbook, they are sure to join the bandwagon.
4. Excellent packaging wins the day, any day
If you haphazardly package your excellent products, be sure that your customers will think the items therein to be shoddy.
They will shy away from buying them from the word go. On the other hand, if you excellently package inferior quality products, customers might buy your products, but they will also shy away from returning.
Excellent packaging is therefore crucial if you are to make any headway in a business.
In the online world, you have very few seconds to make an impression. Capitalize on those few seconds by creating a fantastic website with an excellent UX, nice conspicuous fonts, and captivating color.
Your products also need to be high quality so that your customers can return for their next purchase or leave a positive review about how their experience was working with you.
Case studies
High-converting sportsbooks such as sportsbetting.com have an excellent website design, high load speeds, fabulous colors, and fonts. With these features, the websites can captivate new customers and retain returning ones.
5. Tactful People representing your brand
While brands are faceless and emotionless, customers come to your organization because of the people you have hired. They need to be humane and connect with their customers. They will need to be tactful, honest, and true to their words.
Case studies
Excellent sportsbooks hire tactful and professional customer support who help you in case you have a problem signing up, placing your wager, or withdrawing your winnings. You can contact customer support in the live chats on the websites.
6. Toot your own trumpet
In the online world, you have to brag about what you can do so that customers can gain trust. You have to tell your online audience why you are the best and why your services are what they need.
You will gain nothing for remaining humble in the fear that you might come out as boastful. So go out there, blowing your trumpet on emails, websites, TV, or any other media platform that you can get your hands on.
It gets even better when you deliver on your promises because your audience will be spreading the word about you through online reviews and even word of mouth promotions.
Wrap up on the 6 principles of marketing we learned through speculating
While marketing is studied in schools, it gets more accurate when you master it through speculation and practicing it in the field. Were it not for speculation for example; we would not have learned how creating a scarcity mentality in customers’ minds can get them converting in masses.
At the same time, by giving out freebies, we have seen how customers can be grateful and become loyal customers to our brand.
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