Behavioral Economics provides a set of powerful and specific types of irrationality that marketers should consider each time they consider customer/prospect engagement. Other articles here lay out many examples. We highly recommend that a BE audit (BEMA) be conducted around each and every communication, to ensure that all relevant insights of BE are leveraged. We
Nudge theory is powerful and top of mind with many of today’s government, academic and business leaders. It’s earned its place there. But, if one is to pick up on Phil Kotler’s comment that behavioral economics is a fancy new formalization of marketing, certainly it could be said that nudging is even more so directly
Causal Economics provides a great deal of insight on compensation practices. It reinforces some well recognized practices, flags some areas of poor approaches and lays out potential new approaches. This post puts a few areas on the table for discussion. Good compensation systems always try to connect pay (the cost to the employer and the
If you are one of the few business people, let alone marketers, who hasn’t feverishly digested the work of Anthony Robbins, then we recommend that you get on it. Tony is still the master of applied behavior and decision making in business. It occured to us that in many ways, Causal Economics is an academic
The standard in sales and marketing today is to relentlessly communicate benefits of our solutions. Barriers to implementation get very little attention during the buying process. It’s a natural situation, because bringing up costs and problems creates tough discussions. This can slow things down, right? Bringing up things that are negative. It’s actually not true.
Too often, sales and marketing teams are transaction focused. Since they are usually recognized and compensated for short-term results, it’s no wonder. But, in such an environment, a distorted value proposition is presented to prospective customers. Communications highlight extensive benefits and few if any costs. The result is a lack of credibility that tarnishes the