Ned in his article drives the case for a more structured and systematic use of behavioral economics by marketers to unlock significant value from it. He highlights the four practical techniques that should be a part of every marketer’s tool-kit as they think about using behavioral economics to guide their marketing decisions.
- Consumers are not rational –Accept and embrace the idea that consumers are neither fully rational nor fully aware of what drives their own economic decision-mak
- You can predict the unpredictable- Recognize that you have the ability to predict the irrationality in consumer decision making to drive marketing decisions.
- Opportunity for B2B –Behavior Economics is not just for B2C, it is equally relevant for B2B situations as well. Businesses are a collection of individuals after all.