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Behavioral Economics

Humanizing Economics For Increasing Sales


Last week I talked about increasing your Behavioral Intelligence by diving in deep with why and how you connect with your people. This week we step it up a notch and go into some tips for increasing sales with behavioral economics. 

The main source for today's article is coming from my favorite marketing guru, Michael Stelzner - Social Media Marketing Examiner’s recent podcast with Melina Palmer: Behavioral Economics: How Understanding the Brain Can Build Your Business

Melina’s the expert and has broken it down to 4 steps.

Framing

The importance of how you Frame your messaging.  She uses the food labeling example of:  90% Fat Free  vs. 10% Fat. Which would you buy? Simple choice right? I’m still chewing on this one for my own marketing. I know I’m not getting the point across to today’s business owners on how online marketing can greatly benefit any small business in Tahoe. I’m still in Voodoo land with convincing my demographic that social media advertising’s highest age usage is  24-35, not 13 -18. 


Priming the customer

This is setting the stage. Paying attention to the smallest details can really have an effect on the decision to purchase. In language and message you need toPresenting the  be careful with every word as it will impact the final decision a consumer makes. Moving from the wording “if” you purchase to “when” can be a game changer. Imagery? A picture is not just a picture in an ad. Melina uses the analogy of a Red Rose in December has a completely  different connotation than on Feb 14th.


Anchoring With Numbers

This is when you can set the stage for purchase pricing by anchoring to a specific number. I use the number of reaching 20K local people every week which is a big number for the number of residents in Tahoe/Truckee yet it is obtainable and it gives potential clients a number to grasp on to when comparing advertising options. So far the only option that I have found that beats social is the billboard at the bottom of Broadway entering Downtown Truckee. It’s average is 11K vehicles per day. Kudos to Epic for locking that one down.


Presenting The Offer

As any good salesman with attest to it’s how you present the offer. Do you start with the premium or the budget offer? Hands down it’s the premium. Show off all the features you offer for that all inclusive purchase and let them find their way to what they really need. 


Taking the time to think through these four behavioral aspects to marketing your business can really help your advertising be successful. I know I am taking time out this week to revaluate my messaging. Framing is the one is where I struggle the most. Most business owners at my level are Boomers to Millennial’s  and do not realize the impact mobile advertising can have on their business. I’ll let you know if I break through.


If there is a topic you’d like to hear more about by all means comment below or direct message and I’ll do my best.

Nothing better than a good question to jump into.

Reach out for a talk over coffee or a hike I give information freely. I only ask to be paid when I do the work. tgold@bigwaterci.com

Comment below or share.

Trina Gold 

Master Creator





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