Marketers have been applying behavioral economics—often unknowingly—for years. A more systematic approach can unlock significant value.
Behavioural economics is all about “incentives”, or as a marketer would consider it the "value proposition". Finding the right value proposition for your customers is key to increasing sales. How do you formulate the value proposition of your brand? Perhaps marketeers should look toward economics for help not just in deciding price.
A McKinsey Quarterly Marketing & Sales article. (click on headline for full article)