Marketers are using Behavioral economics for years even before its name come to the existence. “three products at the price of two” has become a universal marketing plan not because the marketers had a studies indicating that customers prefer a free product he or she is receiving with other two or people start behaving irrationally after thinking about future loss.

Behavioral Economics: An Introduction

According to the behavioral economics news, the majority of the customers take decisions on the basis of their emotions. The effects are not limited to emotions but also influences their economic behavior. In short, you can come to the conclusion that emotions play an important role in the economic choices and decision-making. This is the main reason students who are pursuing a degree in business economics need to understand the marketing takeaways of behavioral economics to improve the relationship between the organization and its customers. They can also obtain marketing behavior assignment help from the experts to know more about the concept. In the below post, you will read about practical techniques that should be a part of the marketing strategy.

Practical Techniques Related to Behavioral Economics

Make the Overall Product Cost Less Painful

During every shopping trip, the customers have the option to buy nothing and save money for the next day. This increase the workload of the marketers as they do not only have to deal with the competitors but also encourage shoppers to spend their money on the products. As per the economic principle, the pain of spending money on the products remains the same on every dollar we spend. However, in the marketing concept, how a consumer value its spending decides how much pain they feel.

Retailers understand the more time the customer would spend on decision-making will automatically decrease the chances of making the purchase. Thus they come with the idea of “limited time offer” to convince customers to relate the current benefits with the future profits as all the losses are very unpleasant.

Use the Power of the Default Option

Through the diverse marketing tactic implementations, it has been observed that presenting one product, service or option as a default increases the chances of getting it chosen for the purchase. Default in this concept defines what you will get if didn’t make the active choice. As a human being, we gain pleasure from the gains are less painful than the loss we receive from the losses.

Defaults work at its best in a situation where the customer is confused, conflicted and are indifferent while considering options. So, students writing on the topic can obtain assignment help for economics to further elaborate this concept in their research papers.

Don’t Burden the Consumers with too Many Options

In a situation where the default is not an option, marketers should not overload the customers with too many options as it makes consumers less likely to purchase. So, make sure you are offering limited options to the customers so, he can easily make the right choice.

Marketers are aware of the behavioral economics concepts help in establishing a positive relationship with the customers still, the proper implementation of the Marketing Takeaways are still compulsory. Moreover, readers who still have some doubt can feel free to acquire homework assignment help from expert writers at BookMyEssay.