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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." In February 2006, Google referred an average of 74.67 percent of all UK visitors to other sites on the web, compared to just 9.3 percent for its nearest competitor, Yahoo, according to the WebSideStory Index. 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. Postcards Work By Steve Conn What's the fastest, simplest and cheapest way to promote just about any business?The answer is postcards sent by direct mail. You can get your message to a targeted group of prospects or to your existing customers for a cost of about 25 to 30 cents each including postage. You can actually send someone a postcard every 30 days for only $3 a year. Postcards Work.You can generate leads, create sales, ask prospects to give you a try or convince exi… 2. How Did You Hear About Us? By Kevin Stirtz One of the best things you can do for your business is to ask new customers how they found out about you. But when you do this, don’t expect to get accurate information.I know this sounds strange, but it makes sense, I promise.If you make decisions about how to promote your business, then obviously you want to know how your customers find out about your business. So, you ask. The trouble is the information you get when you ask this questions is… 3. Eight No Cost Ways to Market Your Business By Denise O'Berry Are you trying to promote your business with a tiny marketing budget? Opportunities are plentiful for low or no cost marketing. Here are a few that won't cost you a cent. Publish articles about your specialty. "How-to" articles are always welcome. Ensure you include your contact information. Write letters to the editor of publications your target market reads. Get involved in an organization or community project. Build strategic alliances wi… 4. How to Discover your Primary Market and Where to Find Them By Judy Cullins Whether you market online or offline, you already know the shot-gun approach to marketing brings few results. You will sell more products and services when you step back and set up a strategy to reach your targeted market. Approaches That Set you Up to Pull Customer Orders One: Develop a Specific Customer Profile It's good to know whether your customers are primarily women or men. Remember, women buy 70% of the books published. Then, figur… |