Consumers use cost/benefit or risk/reward analysis in order to maximize their budget, time and effort. Oftentimes these analyses are performed instantaneously, based on knee-jerk reactions; such as the cost being too high, the credit terms not being great or the basic need (want) for the item. However, good marketers can rebalance the consumer's equation by minimizing the perceived risk or cost and maximizing the reward. 

Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix.

Sandra Thomas-Comenole | Host | Marketing professional with over 10 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism