The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics 1. Unlocking The Secrets Of The Brain
4 snips
Jul 5, 2018 AI Snips
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Transcript
Episode notes
Why Behavioral Economics Matters
- Understand behavioral economics to improve your business.
- It helps predict consumer behavior and increase ROI.
Rationality vs. Reality
- Traditional economic models often fail because they assume rational behavior.
- People's decisions are frequently illogical, making accurate prediction challenging.
Subconscious vs. Conscious
- The subconscious brain processes significantly more information (99%) than the conscious brain.
- It influences decisions, making it crucial for businesses to understand.