Strategic Advantage 

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To BE or not to BE … Effectively

July 17th, 2017 by Dale Jones

“Marketing takes a day to learn. Unfortunately, it takes a lifetime to master.”
- Phil Kolter

Are you a brand name stalwart, practically married to a coffee, computer software or a particular service?

If so, you’re probably able to rattle off a litany of reasons to rationalize your brand name relationships.

Considering why a product or service earns your trust, hence your cash, is a science called Behavioral Economics: “… a method of economic analysis that applies psychological insights into human behavior to explain economic decision-making.” (Oxford Dictionary)

To be truly successful in marketing and advertising, we need to understand Behavioral Economics (BE) at a deep level in order to most effectively influence potential clients and/or customers.

Long before BE had a name, marketers were implementing it, for instance, Three for the price of two offers. Yet, despite marketing industry leadership use of BE, to this day, few utilize BE principles in a systematic way.

Solid BE marketing management works like magic to make seemingly irrational purchasing patterns more predictable. Understanding exactly how small changes to the details of an offer can influence the way people react is crucial to unlocking significant value-driven marketing technique and dominance.

Marketing professionals worth their salt know: ‘the ground is moving beneath our feet’. Fickle consumers are more demanding, enlightened and empowered. Hence, maintaining brand control is harder than in the past.

Customers expect brands to create meaningful, relevant experiences to simplify their purchase decisions and … their lives.

Behavior follows trends.

The secret sauce in BE is understanding how your customers make decisions and how your marketing should influence these decisions.