Enhance Your Marketing with Behavioral Economics – Haider Al Zaabi

When it comes to marketing, everyone has a different favorite theory—and plenty of marketers would openly admit that marketing is all too often throwing several things against a wall and hoping something sticks. But what if it didn’t have to include such guess work, if it didn’t have to include so many different rounds of trial-and-error? What if effective growth for your business could be much more of a given? Fortunately, with the use of behavioral economics, it can be.

You will be able to sell easier by using simple behavioral economics techniques to positively influence the customer to change their view and behavior towards the product or service.

Screen Shot 2018-11-15 at 5.21.00 PM

Behavioral economics is a method of analysis that takes human behavior, and hard-won psychological insights into it, and explains economic decision-making. That is, it’s a method of analysis that allows you to determine why people are spending their money in certain ways—and using it wisely can help them decide to spend their money on your products or services.

Let’s look at ways you can do this.

Converting Customer Experience

Start by addressing the customer experience. You shouldn’t be looking just at sales, but also at what kind of experience you are offering your customers.

Screen Shot 2018-11-15 at 5.21.29 PM

Designing an experience for your customers can help string together successes, and in turn, allow rapid growth in audience size, brand recognition, and lead generation, as well as help you create a long term formula for success—with the added bonus of creating loyal brand ambassadors.

Screen Shot 2018-11-15 at 5.21.17 PM

One of the things I tried is when I was proposing a certain product, I always aimed to give the customer a feel of the product, where I created free trials and samples of what I am selling, and the same can apply for almost all industries, for example if your selling cakes, then create a tester platter for customers to taste what you are selling. “What samples do is they give you a particular desire for something,” Dan Ariely, behavioral economist at Duke University, tells The Atlantic. “If I gave you a tiny bit of chocolate, all of a sudden it would remind you about the exact taste of chocolate and would increase your craving”.

Also according to a research from Brigham Young University, found that free samples increase sales, and brand loyalty in the long run, which is why many successful companies ensure on giving free samples from time to time, examples like:

Untitled-1

Presenting the Benefits

So learning the effective ways of selling can make all the difference, another short example from my experience in selling, is focusing on the needs of the customer, so what I did was shift the focus from “what the product offers” to “how the product benefits my client”, mentioning the specific benefits that the client will receive, which accordingly increased the sales significantly.

You have to always remember that you are investing in human relationships, which means you have to always engage them to your product, where it has to actually logically make sense to them, and emotionally makes them feel good about it, giving them a sense of comfort and trust in it.

Leave a Reply