Behavioral Marketing: How Could It Affect Fundraising?

Georgia NonProfits and Consumer BehaviorA lot of psychological research has shown some interesting trends when it comes to marketing. The slightest changes can change your perception drastically. Have you ever noticed that at expensive restaurants they exclude the dollar sign from their menu? Studies have shown that excluding it yields less price resistance. Another study was done where people were asked to recite the last two digits of their social security number then were asked how much they would pay for a wireless keyboard. People with lower social security numbers were more likely to pay less for a wireless keyboard. For example, social security numbers 00-19 had an average price of $16.09 while social security numbers 80-99 had an average price of $55.64. That is a huge difference in a price people are willing to pay for the same item.

Those two examples show the big impact making small changes around numbers can have on people’s brains. With new technology, neuromarketing research results could become very effective in nonprofit’s fundraising. How do you think it could affect it?

Peters, Geoffrey W. “Behavioral Fundraising: This Is Your Donor’s Brain on Direct Response – The NonProfit TimesThe NonProfit Times.” The NonProfit Times. N.p., 1 July 2015. Web. 20 July 2015.

July 24th, 2015 by Georgia Non-Profit Insurance