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More of the findings of the recent studies in behavioral economics: Webers Law A change of stimulus is more emotional and motivational, according to the base: Most subjects tested would drive across town to save $10 on a $20 item, for example, but not to save $10 on a $500 item. The lesson for sales people? If you won't lose a sale on a thousand-dollar couch over $10, sell the other benefits of the couch in your sales pitch. Familiarity Fallacy Economic choices are often made due to familiarity, even when the choice is clearly worse ("But I always shop there!"). This bit of research shows the need to get a customer used to coming to your business. If they are comfortable, they won't expect or demand the best deal. Anchoring In tests, mentioning the year 220 A.D., versus 1600 A.D., resulted in earlier guesses when people were asked for the birth date of Ghengis Khan. This was true even when the comment was in no way related to Khan. This tendency to "anchor" was found in the economic realm as well. Mention $300 as the value of an item, and subsequent negotiation or discussion will revolve around that. The implications are obvious, and are being studied. It seems an item should be worth a certain amount to a particular customer, but humans are never so logical in valuing things. Why can you get $99 for an e-book online that has roughly the same content as a $10 book in the bookstore? Is it partly due to the "$500 value" thrown out there for the book and "bonuses." It makes $99 seem cheap, doesn't it? There are reasons people buy that go beyond any of the reasons given. Rationalization seems to rule over rational thought. I'll cover more of the research into behavioral economics in part three. 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. An Opportunity is a Terrible Thing to Waste By Larry Galler When you have an opportunity to present yourself and your company in a speech to a room full of prospects, it seems obvious that you arrive prepared to impress your audience. Naturally, you would carefully prepare your talk taking time to craft it (and any visuals that accompany it) and embellish it with humor, quotations, and references to the audience. You would rehearse your talk a number of times, perhaps video tape it or practice it in f… 2. Connecting With Your Clients By Ramona Creel Many service professionals tell me that they are uncomfortable with the idea of marketing -- like marketing is a bad word! For some, "marketing" brings up images of telemarketers, aggressive sales people, and feelings of resentment at being invaded. But marketing is really about connecting with your customers. In service businesses -- particularly ones where you are very personally involved with the client -- you must build up a rapport with yo… 3. Internet Marketing Success is a Cumulative Effect Being successful at Internet marketing does require doing the right things, like search engine optimization and targeted online promotion. But assuming you are already doing these things, the real secret to success is to just do something…anything…everyday to push your website a little further along the road to growing your business.Selling products or services on the Internet requires patience and determination. The road to success, as they say,… 4. Best Marketing Strategy of the Year By Arvind Katoch Recently the marketing strategy of a publishing house in India is very successful. Even they have celebrated their success last month. Definitely this is the master pieces of marketing strategies. This strategy has given full emphasis to the psychology of Indians. This publishing house is none other than Reader’s Digest.Reader digest is already a successful name in India. Therefore it is easy to accept any offer from it. In the end of last year… |