Embrace the IKEA Effect: How to Revolutionize Product Development with Customer Engagement | Behavioral Economics of Entrepreneurship | Behavioral Economics in Marketing Podcast

The IKEA effect is a powerful psychological phenomenon that entrepreneurs can leverage to transform the product development process into an interactive and emotionally fulfilling journey. By empowering customers through co-creation, DIY experiences, and iterative design, entrepreneurs can strengthen the emotional connection between customers and their products. Engaging customers in the journey, storytelling, and community-building fosters brand loyalty and advocacy. As entrepreneurs embrace the IKEA effect in their product development strategies, they tap into the intrinsic motivations of customers, creating products that are not just possessions but cherished creations born out of collaboration and shared experiences.

Season 7 - Behavioral Economics of Entrepreneurship
In the world of entrepreneurship, success often hinges on understanding the intricate workings of human behavior and decision-making. Behavioral economics, a fascinating interdisciplinary field, delves into the psychology behind how individuals make choices, respond to incentives, and process information. In the realm of marketing, applying behavioral economics principles can be a game-changing strategy for entrepreneurs seeking to connect with their target audience, drive sales, and foster brand loyalty. By harnessing insights from behavioral economics, entrepreneurs can craft more persuasive and effective marketing campaigns, leveraging the quirks of human psychology to their advantage. In this series of the behavioral economics in marketing podcast, we will explore the exciting intersection of behavioral economics and marketing, unveiling how this innovative approach can transform entrepreneurial ventures into resounding successes.

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 15 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute.