The Behavioral Economics in Marketing's Podcast

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Human capital is a measure of the economic value of an employee's skill set. A company that focuses on increasing their human capital has the best possibility for growth because people are a source of competitive advantage. This episode considers the intrinsic and extrinsic factors that contribute to an employee's human capital, as well as several strategies for increasing human capital through personal and professional development, hiring for human capital and team building activities.
Leadership styles are frameworks and classifications of a leader's characteristic behaviors when directing, motivating, guiding and managing groups of people. Most leaders fall into one of seven categories of leadership styles: servant, democratic, transformational, laissez-faire, facilitative, coaching and visionary. Familiarizing yourself with different types of leadership styles can help make you a better leader.
Leadership theories are schools of thought that seek to explain how and why certain individuals become leaders. Such theories often emphasize the characteristics of leaders, but some attempt to identify the behaviors that people can adopt to improve their own leadership abilities in different situations. In this episode, we discuss several popular leadership theories and their applications.
Understanding how we as humans make decisions is an important part of marketing and leadership. Behavioral economics is the study of decision making and can give keen insight into employee behavior. Leaders can tap into Behavioral Economics to better invest in their team, increase team engagement and motivate their team. In short, behavioral economics can be leveraged to create happy and healthy working environments for their direct reports and fellow employees.
As a marketing professional, you are called to be leader, even if you aren't a leader by title. For that reason, this season will be dedicated to leadership. Stay tuned for great episodes such as: Motivating Your Team Through Acquisition Theory and Managing Cognitive Dissonance!
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.
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. 
Priming Effect is such an integral part of marketing that marketing professionals should really take the time to understand how to leverage Priming Effect in their marketing. This episode focuses on leveraging the Priming Effect in customer experience (CX) optimization through branding, engagement and placement.
The affect heuristic represents a reliance on good or bad feelings experienced in relation to a stimulus and is typically used while judging the risks and benefits of something. The affect heuristic is a hurdle in marketing research that can skew results. To overcome this hurdle, market researchers should make sure that their data collection methods are sound, understand the ways that their subjects' current attitudes can skew results and seek out peers to review their research.
The IKEA Effect is all about how personal investment in a process or product creates and increases value. This episode explores how to engage customers with the IKEA Effect through experiential marketing, customer experience optimization, automated and triggered campaigns, offering customizations, encouragement and community building.
Choice Overload occurs when consumers have too many options to choose from. When this happens, they get overwhelmed and experience decision fatigue. Decision fatigue can lead to a lower conversion rate and unhappy customers. Marketing professionals can mitigate the effects of choice overload by optimizing the user experience with timing, presentation, framing, decision time augmentation, simplification through binary choices and offering default options. 
Even the best marketers can fall prone to doing what they have always done. Set practical KPI's to test the efficacy of each component in your marketing mix and see if you are experiencing the endowment effect in your marketing mix.
Hyperbolic Discounting is all about immediate gratification. In order to leverage Hyperbolic Discounting, marketing professionals will need to create a sense of urgency by speaking to the customers' pain points, increasing or restricting immediate access, establishing scarcity or throwing in added bonuses such as free gifts or exclusive offers.
The Anchoring Effect plays a key role in every negotiation because it is all about first impressions. Therefore the person who makes the first offer sets the anchor. And, whoever sets the anchor helps determine the range of the negotiations. So if you put your offer on the table first, the odds are in your favor that you’ll end the negotiation in a place that you’re comfortable with.
Framing effect refers to the principle that information is not static, but fluid based on how, when and where it is communicated. Good marketers can leverage the framing effect by varying their marketing message to different target audiences to increase the level of engagement and, ultimately, the return on investment. 
In this episode we will define and examine Behavioral Economics and learn about the basics of applying Behavioral Economics to marketing concepts.  
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Podcast Details

Created by
Sandra Thomas-Comenole
Podcast Status
Active
Started
Aug 19th, 2020
Latest Episode
Jan 14th, 2021
Release Period
2 per month
Episodes
16
Avg. Episode Length
7 minutes
Explicit
No
Order
Episodic
Language
English
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