We caught up with Brandwatch's Director of Product Marketing, Phill Agnew, about three core components of consumer psychology - distinctiveness, anchoring and scarcity - and how product marketers can apply those concepts to their work.

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"25% of marketing budget is wasted, it gets no ROI. There's another brilliant stat from HVR, they did analysis of new product launches, and they found that on average 80% of new consumer product launches fail. If 25% of our budget's being wasted and 80% of new product launches fail, then clearly something is broken, something's not right."