Wed, 27 July 2016
We spend a lot of time and money on perfecting our brand and message, but do we really understand the minds of our audience? Bri Williams told us a few home truths this week about just how much businesses are missing out on because of a lack of understanding of behavioural economics.
Bri has broken it down into a simple three-part process that anyone can apply across pretty much any area of their business. She has written a critically acclaimed book on the matter, but she was kind enough to share the simple outline of her system with us, as well as some of the following tips:
** Understand how environment can shape somebody’s behaviour. The decisions they make are often swayed by superficial things in the environment, irrespective of the ‘logic’ you may have outlined with your product/service.
** To make behavioural economics work for you, you need to think beyond the end goal of what you want your audience to do. The key is understanding how they can get from the point of not taking action to the end point of taking action.
** When someone’s potential effort is greater than their potential reward, they won’t take action.
** Make your calls to action stand out from the rest of your design. Slick design should not be prioritised over the prominence of calls to action.
** Consider using testimonials higher up your website. To build trust from the beginning is fundamental to the decision your audience makes at the end.
** Understand the power of ‘tension’ in your marketing message. Positive tension, i.e. “only two tickets left” will encourage action.
In this episode of Business Brain Food you will learn:
** The three central elements of behavioural economics
** The Say V Do gap
** “Button anxiety”
** How to create social proof
** The “now me” and “future me”
Resources mentioned in this episode:
** Bri’s website: http://www.briwilliams.com.au
** Bri’s book “Behavioural Economics For Business”: http://www.briwilliams.com.au/be-for-business
** Facebook: facebook.com/businessbrainfood
** Facebook group: https://www.facebook.com/groups/businessbrainfood
** Twitter: https://twitter.com/bfewtrell
** ActionCOACH: http://actioncoachanz.com/itunes
** ActionCOACH: http://actioncoachanz.com/stitcher
Bri summed it up perfectly: “if you’ve ever had a day where you’re bashing your head against a brick wall saying ‘I don’t get it, I don’t know why people don’t do what they say they do and I don’t know why my customers aren’t buying,’ then you need behavioural economics” Also, if you are enjoying these Business Brain Food podcasts, then make sure to share them via social media sites or email the links to family and friends. A lot of time and effort goes into producing each of these podcasts with the goal in mind of the more people we can inspire about business the better. You can help us do just that! Until next time, have a profitable day. Cheers, Ben Fewtrell (02) 9111 5000
Direct download: BBF099_Tackling_Everyday_Business_Issues_with_Behavioural_Economics_with_Bri_Williams.mp3
Category:general -- posted at: 12:00pm AEDT