Social Media Marketing Podcast
Behavioral Economics: How Understanding the Brain Can Build Your Business
Feb 15, 2024
Melina Palmer, an expert in leveraging behavioral science to improve business results, discusses the power of framing, reframing, and priming in behavioral economics. She also highlights the effectiveness of close-up pictures and strong testimonials in marketing, and explores the concept of anchoring in decision making. Additionally, she provides insights on optimizing software pricing and tier placement for maximum effectiveness.
45:51
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Quick takeaways
- Framing, or how you present something, can significantly impact consumer perceptions and appeal.
- Priming, by strategically using specific cues or triggers, can influence consumer decision-making in a desired direction.
Deep dives
Framing: How the way you say something impacts decision-making
Framing, in the context of behavioral economics, refers to the idea that how you say something matters more than what you say. An example is using the phrase '90% fat-free' instead of '10% fat' when marketing a food product. This simple reframing can make the product seem more appealing and create a positive perception in the mind of the consumer.
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