THE ERA OF HARD-SELL is over. Consumers today are well-informed and often have strong opinions about what they want. So, what does behavioural economics mean and how can it help you gain consumer trust and secure their business?
In essence, behavioural economics operates on performance metrics based on measuring and better understanding of what information and emotions drive the consumer mindset and what influences their decisions.
In today’s changing world successful businesses are developing effective marking strategies based on behavioural economics using three fundamental strategies:
No. 1: Understand the customer journey and at what stage of their journey are they making purchasing decisions. When we identify this, let’s consider what was the information they had on which they based their decision and what misinformation, or biases. influenced their decisions. Many times, clients want to move too quickly. They want to go with the popular status quo that is discussed on social media, but they also value guidance with that decision. This is where being empathetic and sharing your knowledge in a caring way can offer them valuable guidance and help them make the right decision. This is a critical starting point for you to connect with them in a meaningful way, influencing their decision based on the best options for them.
No. 2: Design your information content and platforms to help educate them to make those decision based on credible evidence-based data,
No. 3: Build time for experimentation to help review whether your hypothesis is working and whether the outcomes are delivering what you are looking to achieve.
Can you see why your education and knowledge is so powerful and important as never before? You are now required to be not just the practitioner, but also the coach and the “influencer” they can turn to and trust to help them gain clarity and decipher their best options through the sea of information they are exposed, to in order to achieve their treatment goals.