Economics assumes that an individual provided with all the facts will respond rationally and make good buying decisions. Behavioral Economics recognizes that our brains are hardwired in certain ways that make us respond, often quite predictably and irrationally, in ways contrary to logical economic rules.
With a better understanding of just a few hardwired behavioral economic rules, small business owners will be able to achieve much higher profit margins. Behavioral economics is a powerful tool that in capable hands can yield immense marketing advantages, resulting in greater sales and higher profit margins. In the next few days, we will look at seven powerful behavioral economic rules every business owner should be aware of.
Do you consider behavioral economic principles as part of your marketing?
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