Behavioral economics provides powerful insights into the consumer decision-making process and angola email list can help marketers reach and persuade target audiences more effectively. By understanding the subtle ways in which emotions, cognitive biases, and external triggers influence choices, marketers can better organize their messages for optimal response.
Behavioral economics incorporates psychological and emotional factors into economic models and theories of decision-making. Traditional economics assumes that people behave rationally, while behavioral economics believes that conscious and unconscious biases and emotional motivations influence decision-making.
“When traditional economics and psychology are combined, we get behavioral economics,” explains author, podcaster, and marketing expert Melina Palmer. The main benefit of behavioral economics for marketers is that it reveals How people make choices in the real world. Understanding the actual drivers of human behavior, including the role of the brain, is critical.
While there are many overlapping terms—psychology, neuroscience, behavioral science, etc.—they are all concerned with understanding human behavior at a high level. The "economics" part of behavioral economics refers to analyzing decisions, including financial decisions and getting buy-in for ideas. It is essentially the study of any transaction or exchange.