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Behavioral economics is a new science that sheds light on some of our most important decisions. It is the study of how and why people make money-related choices. Here are some of the things the studies have shown thus far: Decision Paralysis One study showed that customers spent more when given four samples of jam to taste than when they had twenty to choose from. Too many choices seemed to lead to an inability to decide. Limiting options may be a useful sales technique, according to this research finding. Sunk-Cost Fallacy People are more likely to attend an event if they paid for the ticket than if they got it free, even with the same information and interest. The money is spent, and logically has no relevance to the decision, but this phenomena of behavioral economics persists even when this is pointed out. Aren't most of us going to feel worse throwing away a ticket we paid for? The applications are obvious, if you look. Perhaps, for example, rather than giving away tickets to "get rich" seminars, the organisers would get better attendance by selling their "$100" tickets for $3. Just having paid something makes people more likely to attend. Confirmation Bias We tend to act economically in a way that confirms our current beliefs. When negotiating to buy the exact same model of Mecedes, for example, current owners, who presumably already believe in the value of a Mercedes, pay $7,000 more, on average, than new Mercedes customers. I'm sure you can imagine the value of this knowledge to companies that sell high-priced items. Extremeness Aversion People seem to instinctively avoid extremes, according to the research. Given a choice of televisions costing $300, $500, and $700, for example, not many buy the $700 one. Add a $1200 television to the choices, however, and more will then buy the $700 one, because it is no longer the most expensive one. In the information coming from these studies, you'll find much to help your sales and marketing efforts right now. You can also learn enough to protect yourself as a consumer. For more on behavioral economics, watch for "Why You Buy, Part Two." Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 100 |
Advice Home Business Technology Online Advertising Motivational Internet Marketing SEO Help Online Games Science Articles Happiness More Articles:1. Small Business Marketing Tip - Get Attention and Be Remembered By Rikki Arundel We live in a world of noise – not just auditory noise but total sensory overload. Everywhere we go marketing messages are shouting at us day and night. Hundreds of TV and radio stations, thousands of newspapers, magazines and books, millions of ezines, brochures, and leaflets, billions of emails and web pages. And unfortunately much of it is junk so it’s hard to find the important stuff.You have got to cut though the noise and get people to … 2. How To Achieve Success With Your Own Money Making Newsletter By Julia Tang Writing and publishing a successful newsletter is perhaps the most competitive of all the different areas of mail order and direct marketing. You can still publish newsletter through regular mail. With Internet's help, you can publish your newsletter online. You can reach hundreds of subcribers without costing any postage - it is called eZine publishing. Five years ago, there were 1500 different newsletters in this country. Today there are w… 3. Top Five 2004 Required Marketing Tips Needed to Succeed By Catherine Franz When marketing your practice, as well as designing yourbrochure, web site, business card, flier, advertisement, orother marketing effort, we recommend investing the time andeffort needed to effectively address all these tips. Notone of them can be omitted. Tip 1. MARKET FOR YOUR DESIRED PROSPECTS, NOT YOURSELF What looks good to you is not necessarily effective for yourdesired audience. This is the biggest mistake I see peoplemake over and … 4. How to Successfully Promote your Business to an International Audience By Marie-Claire Ross Breaking into the international marketplace can catapult a company into increased profitability and growth more rapidly than when selling to a domestic market.But how do you market your company successfully to overseas buyers? What can you do to provide the right information to prospective clients that is informative and engaging? How can you stand out from the crowd?The most common promotional approach is to provide brochures. While brochur… |