The way in which customers make their purchase decisions is essential for us to understand the best way to influence them.
As much as there are almost infinite ways to understand this moment of The most complete and accurate choice to understand this line of thinking is with behavioral economics.
Uniting economic and psychological issues in a single strategy , this is the key for you to be able to understand your customer more and more and, as a result, influence him!
Come to know everything you need about behavioral economics so that you can use it in your company!
What is Behavioral Economics?
As we mentioned, behavioral economics is an area of marketing that joins psychology in order to understand the relationship between customer behavior and decision making.
The idea behind this study is to understand the line of reasoning that leads customers to make a choice, so that we can influence this moment of decision.
This is a field of knowledge that has been developing more strongly in recent years 35 years, being strongly influenced by technological advances. This is because, with the great increase in the offer of options and competitors, companies needed to look for new ways to attract and convert consumers.
So, think about what makes you choose between product X or Y? Or what makes you buy brand A and not brand B?
These are the answers that behavioral economics seeks to find!
According to studies carried out by Behavioral Economic , it is estimated that, among the more than 35 thousand decisions daily that an adult human being takes daily, only 35% of them are rational. So the 35% are controlled solely by the emotional.
This is the key to understanding the functioning and importance of behavioral economics. She will stick to studying and influencing these 35% emotional so to be able to convince your client that you are the right choice.
Behavioral Economics and Heuristics
A word that always goes hand in hand with behavioral economics is heuristics. This is for the simple reason that these are very close concepts, both of which work with the relationship between the human emotional and decision-making.
Although very close, these concepts cannot be confused or associated as synonyms, after all they encompass different characteristics.
The heuristic is understood as the automatic pilot of our brain, which is trained over time to help us perform actions without having to think, avoiding the wear and tear on our mind.
It joins behavioral economics as it is driven by emotions.
To better understand, think you want to buy a book new. For this, you access your usual virtual bookstore and buy a new edition.
In this simple process we managed to unite the two concepts. It was the heuristic that directed you directly to your trusted site, without even considering searching for another option. And that was because you trust this platform, so behavioral economics encouraged you to make that page your first choice.
How does behavioral economics work?
Because it’s about emotions, behavioral economics works based on what we call mental triggers.
They are persuasion strategies that influence our brain through targeted emotions. It sounds confusing, but it’s actually quite simple.
When you’re on a website and an offer timer is triggered, you feel anxious and a sense of urgency to make a purchase grows inside you , right? This is a mental trigger.
It will help your customers feel the need to consume, always influenced by their emotions.
So, let’s show you 7 mental triggers that contribute to behavioral economics. If you want to understand how to apply them and learn more about the topic, access this content that we have selected especially for you. Just click here!
The power of “free”
Social exams
- Scarcity Trigger
Fear of loss
Partial Ownership Trigger
Framing trigger
Conclusion
The Behavioral Economy is a very important strategy for those seeking to gain and retain more customers.
It is not new that we know that knowledge is the most powerful thing that exists in the world of digital marketing. So, use this economy to get to know your consumer and understand what he needs and, of course, how to offer it in the most tempting way possible!
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