Are you selling lipstick? You should be.
When consumers are strapped for cash, they tend to splurge on small, indulgent items in place of the big-ticket items they are unwilling or unable to buy. During the Great Depression and WWII, women treated themselves to premium lipstick. The trend became known as the lipstick effect.
Over time, lipstick has evolved into mascara, wine, chocolates, coffee, even kitchen linens. No matter what the new “lipstick” is, it still remains that in times of economic distress, consumers will buy something that lets them forget about their financial problems. During this talk, we will dive into the framing effect and how negative (loss) and positive (gain) words and photos affect consumer behavior and how you can use this information to market your new lipstick. Remember, where the brain goes, the wallet follows.
Recorded at the Consumer Uncertainty Conference – May 2020
ABOUT MARIA GENUALDI
Maria is a behavioral scientist who analyzes behavioral patterns to identify what your audience really wants. She translates statistical jargon into practical solutions to maximize ROI. She has used qualitative and quantitative research to design entrepreneurial incubators, solicit donations, select juries, and respond to government RFP’s.
Maria is fascinated with the role psychology plays in our decision-making process, specifically, the effects of framing in complex decisions.
Maria holds a master’s degree in behavioral economics from the Chicago School of Professional Psychology.
If you are having trouble figuring out why your audience isn’t happy after you gave them exactly what they asked for…you’re describing her dream project. The good news is that she has more time to sip coffee and collect data now that she’s been demoted from her position as a personal chauffeur to her newly licensed 16-year-old son.