Practical use of psychology in business

in steemiteducation •  22 days ago

When I was in business many years ago, the understanding of business psychology does provide many benefits.

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My company was dealing mainly in getting products from overseas and distributing them to local shops to sell them.

There are many books about business psychology but they are just too wordy with lots of theories.

There are also too many descriptions on the research methods to diagnose the organisation situation.

As a marketing manager and shareholder of the company, I just want to bring in quick profit for my company so the use of common sense and sensing the market trends are the fastest route.

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There are also many ways to improve the organisation through development of staff but it is more imporant to bring in enough profit before other development and considerations can be made especially for small companies.

Belief based on human perceptions

One of the fastest ways to get a company recognised is simply to get a well-known businessman to endorse and act as adviser for the company.

By doing so, the value of the company rises based on people’s perception but there may not be even a single real value or product that the company is offering.

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Just like beauty products, many manufacturers like to get gorgeous movie stars to be their spokesperson.

In advertisement, the movie star may portrait to attract lots of men after using the beauty products.

Human perceptions can be easily misled into believing and we often tap on their desires in the business world.

The launch of a company or product that is endorsed by a well-known person would have already helped it to gain a great reputation even before it steps into the market.

Perception of Shortage and Demand

The shortage of a certain product can often mean that it is popular.

When you enter a store and notice that a particular brand for a product is left with only one while similar ones of other brands are in abundant.

Most customers would grab the last one as logic makes them think that it must be good.

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I was once at an eating place. I noticed that this particular shop that took a long time to serve its customers causing a long queue.

I noticed one of the workers actually took a look and I think it was intentional.

Our logic often tells us that a food store that has a long queue must have good food.

The food store applied this logic to create a perception that its food was popular because we were able to see the long queue.

Whatever your company is dealing with, you can always create this perception that can definitely promote the product that you are marketing.

Showcase Awards

There are many shops or companies that showcase their awards that they have received.

By doing so, it gives the impression that it is an award-winning company so the outcome of buying or using the service must not be too bad.

It is definitely a great deal to win some awards and some may even employ temporary staff with certain expertise just to get the award over.

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With all the awards being displayed on the websites and shelves, it is hard for people not to believe in the company.

Many customers often need to pay a higher price to get the services from award-winning companies.

In conclusion

When you read business psychology literatures, I know they may share about areas like coaching, leadership, talent development, company culture and many more other theories.

For people who just want to bring in profit to the company as the immediate task, I have shared some practical business ideas by applying simple psychology to get the company to market itself more effectively.

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Nevertheless, these ideas may only provide the short-term advantage to the company’s needs and long-term development would require more work in design, evaluation, diagnosis and many more formalised plans to see greater stability and growth.

Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth. By reading this post, you acknowledge and accept that. All images and pictures were taken from google images that are free from copyright under labelled for reuse.

This article was first published on my blog at whaleshares.

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