Bandwagon effect in marketing

Bandwagon effects are most applicable in the digital marketing arena, where the actions of audience peers are most visible. Have you ever thought that when an item of clothing is in fashion, more people want to buy it? And by buying more people, that clothing becomes even more fashionable. Or when most of the people around us use some social media, highly likely we also join that social network. In another case, when we have 2 choices between 2 restaurants, one has many people and the other has few people, most of us will choose the restaurant with more customers. What do you think, what are the reasons for such human psychology? We will try to find the answer to this question by exploring the “Bandwagon effect”. According to the Bandwagon effect, people gravitate towards the choice of the majority despite their own preferences. We can understand even better by remembering the examples we gave at the beginning of the video. This effect was reflected in politics for the first time. So, according to this effect in politics, the majority of neutral people are also directed toward the candidates that the majority supports more. According to the story of the origin of “Bandwagon”, in the 19th century, a man named Dan Rice traveled the country organizing a company for presidential candidate Zachery Taylor. At this time, as time goes by, more people begin to join the “human wagon” organized by Dan Rice. The creation of this effect is also associated with that event. It should be noted that this approach is reflected not only in politics but also in customer behavior. But why does the “Bandwagon effect” occur in people? In general, as individuals, people are influenced by the norms accepted by the majority of other people. Therefore, the reason for the occurrence of this effect is the feeling of being “accepted” by society. Secondly, everyone wants to do the right thing. As a rule, what is usually done by the majority in society is accepted as right. And for this reason, people tend to follow the majority. As a third nuance, the “Bandwagon effect” occurs when a person feels isolated from the majority and this is the feeling that most people do not like. Therefore, these people join the majority to socialize. Due to these factors, the influence of this effect exists in creating trends in our daily life. The “Bandwagon effect” had its psychological effect on people during the world-historical crisis that occurred in 2008. Thus, in the period before that year, people began to buy real estate. The rest of the people also invested in real estate under the influence of the “Bandwagon effect”. But then, with the collapse of this sector, people fell heavily into debt and the world crisis of 2008 occurred. According to the thesis which was put forward by Gary Backer, one of the famous economists at the University of Chicago, the dependence between price and demand can be broken by the influence of this effect. For example, we know that normally as the price increases, the demand for that product must decrease. But according to the opinion of the professor, there are some types of products when price increases , the demand also increases due to the “Bandwagon effect”. For instance, there are some products that increase in price lead to an increase in the popularity of that product among people. At this time, despite the price increase due to the effect, the demand also increases.

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