What prompts a customer to buy?
It's the magic question of marketing.
While we humans are not logical, we are very predictable.
Behavioral economics, simply put, is the psychology behind why people buy: understanding how the brain works and how that impacts purchasing decisions.
It's understanding that the brain is bombarded with information, all day, every day.
It's knowing that the brain has preferences, irrational as they may be, and by truly understanding your customers and giving them a gentle nudge in the direction of those preferences can make a huge difference for your business.
This week on the Businessese Influencer Marketing Podcast, we're super excited to talk to Melina Palmer about leveraging behaviorial economics to improve conversions! Melina is the host of the Brainy Business Podcast, where she uses behavioral economics to unlock the mystery behind those small changes that make an impact— resulting in messaging, branding, advertisements, pricing and products that are more “brain friendly” (and profitable). She also helps others understand and apply these concepts as a strategist and a speaker.
Tune in as Melina discusses:
- loss aversion as a valuable way to drive purchases
- how changing one word in sales copy led to a 38% increase in sales
- a slight shift in the pricing structure on your website that can translate into big sales
- how many times a person needs to be exposed to something before they take action
- strategies to encourage your audience to click and convert through affiliate content
- the best way to disclose sponsored work while retaining authenticity
Do you find this topic as fascinating as we do? Let us know in Businessese HQ!
The Brainy Business
Free download: The 10 Behavioral Economics Concepts You Need To Know AND HOW TO APPLY THEM
Melina on Facebook, Instagram, YouTube, Twitter and LinkedIn
A More Beautiful Question: The Power of Inquiry to Spark Breakthrough Ideas by Warren Berger
If you enjoyed this episode, you might want to check out:
From 11 Clients to 7-Figure Business with Amanda Tress
Building Your Brand Strategy with Stacey Ferguson
Creating Authentic Sponsored Content with Patrick Quinn
Mind Your Mindset: Interview with Don Jackson