Your customers may be irrational. Let’s market to them.
Behavioral economics, the study of how and why people buy things, can provide highly valuable insights for strategic marketers. We’ve long been students of behavioral economics, and we recently put together a number of articles from the Pepper Group archives into a free guide, The Marketer’s Guide to Your Customers’ Irrational Minds.
We’ve been highlighting those theories in our Pepper Mill over the last few months. If you missed any, you might be surprised to learn…
- When promoting multiple offers, the order you list prices matters. The first price a consumer sees acts an anchor, and negotiations and concessions start from there. What does that mean?
- Expertise in a particular subject can be a great benefit, but when communicating to a prospect, this can also be a curse. What is the “The Curse of Knowledge?” and how can you avoid it?
- When you think of your target audience you think of your customers, but under certain situations, marketing to the competition can be a surprisingly effective strategy.
- You can sell $1 for more than $1. You just need to start thinking forward and reasoning backward.
Our guide provides additional behavioral insights and a list of book recommendations. Download it now, and you’ll see that your consumers’ irrational behaviors may be more predictable than you think.