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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. Marketing Operations Elevates Communications and PR Pros Is your marketing department taking advantage of MOM and MRM? Do you have BAM and DAM systems in place? Do you know how to measure NPV? Do you even know what I'm talking about? If so, you may not be a 'Quant' (a marketing scientist or specialist in marketing analytics) but you're certainly ready to seize a leadership role and spur your company into the new world of Marketing Operations.Marketing Operations (AKA MOM or Marketing Operations Managem… 2. Lighting a Fire Under Your Marketing Material! By Charlene Rashkow In today’s marketplace it’s more important than ever for a business to find cost-effective methods for increasing sales, launching products and attracting clientele. Accordingly, the marketing materials you choose must be of the highest caliber.If you are planning on writing any type of marketing material, your first and most important goal is making sure your material sparkles. In other words, lighting a fire under your marketing material is c… 3. Market Your Identity By Joe Love One of the most critical but overlooked parts of business success is using your identity. If you want to build a successful business you have to strike the word image from your vocabulary right from the start. Webster’s Dictionary defines image as an imitation or representation of a person or thing. On the other hand, identity is defined as, the condition or fact of being the same in all qualities.Identity is based on truth and honesty. Image i… 4. Telemarketers Don't Like Them? Here's An Idea For Ya! By Martin Lemieux Telemarketers... ooohhh... I'll bet we've all got a nice story to tell about these guys & gals don't we?Well here's a story i'll never forget and I'll show you how to turn a sales call into a sale for you!So I'm sitting in my office one day and mind you at the moment I didn't have a helper to screen my call for me and don't you know it, I get a telemarketer.See, I used to be in a few network marketing programs and I know how hard it is to get … |