Marketing and consumer decision-making

0:01- We are all being marketed to all of the time. And the whole point of marketing is at minimum to make you aware of a product or a service that might be useful to you. And that's nice, maybe there's a problem that you're trying to solve in your life. Maybe you have a genuine need and you didn't know there was a product or a service that could solve it.

0:18And now you do and that's value to both. But in many cases, they're trying to stimulate demand. Maybe it's something that you don't necessarily need as much of, but they're convincing you that you need, maybe you think you'll have a better lifestyle, you'll be cooler, you'll have more friends.

0:33You imagine your life being easier somehow because of how you're being marketed to. And maybe that is true in certain situations, maybe it isn't. So it's really important that at least you become aware, one, when you are being marketed to. What types of techniques are they trying to use in order to get into your head?

0:52And also to have a little bit of humility. I've all the time I've watched these ads and I'm like, oh, I get what they're trying to do to me. I would never fall for that. Or why would that convince me to get that? And then two days later, I find myself searching for that product 'cause I've somehow convinced myself, or actually they've convinced me that I badly need that product.

1:09And so always scrutinize not just what they're trying to do to you, but also what your own motivations are. So one of the most typical things that people try to do is try to create a lifestyle. If only you had this product, if only you drank this beverage, if only you dress this way, then you might have a life and be happy, like the people in this ad and all of us kind of know that when it's happening.

1:32But, you know, there was a car ad recently where, you know, it looked cool and people are driving out through the woods. And I even, I myself started saying, oh, you know that yeah, if I had that four wheel drive, I could just go out and camp all the time. I would just be this super cool dad.

1:49And you know, this car's all futuristic. Think about how awesome my life is going to be. Maybe some of that is true, but the reality is when I, when I really sat down and thought about it, I was like, I really don't need a new car right now, and I don't need a new car that does all of that.

2:04And how much will I actually go camping? I've definitely found myself doing that in the past fall, you know, getting some product thinking that it was gonna change my life or even something that I might use on a semi-regular basis. And it's just collecting dust someplace in the garage.

2:19So it's really important to think, okay, what are they trying to do? And is that true about you? Or what do you really, what do you really need? And sometimes they can add urgency to it. So they might create a lifestyle around it or make you feel or give, put a celebrity that you really respect or like, or want to be like, associated with the product.

2:35And then they'll create urgency. Hey, and it's on sale now for only a select amount of time. Or there's only a little bit of inventory left. Recognize what those are. Those are to they're already making you want it a little bit and then they're creating a sense of urgency.

2:51Maybe some of that urgency is true. Maybe there are only two, two left. Which I wonder whether they would've to do a big marketing campaign if there's only two left, or if it was that much of a sense of urgency. But just be aware of it. And then the number one thing is take stock of what you really need and just reflect on the past things that you've purchased, decisions you made.

3:09Did that really make you happier? Are those products that somehow you convinced yourself to buy? Did it really play out the way that you thought it would? Or are they collecting dust now? And just think maybe just maybe this other thing that you are, you are being very drawn to.

3:24Maybe it isn't what you need. Or maybe there's another option, another version of it that's maybe a little bit less flashy. That is what you need and maybe you don't have to spend twice as much to get the flashier version. So just be very aware of when you're being marketed to.

3:37As I said, marketing can have value, it can help you discover things that you might genuinely get benefit from that might be worth it. But they're trying to also stimulate your demand, even ways for things that might not, some folks are that you might not necessarily need.

3:52And so just be very aware.