Be the first to like this
Behavioral economics, the intersection of psychology and economics, is broadly gaining ground in the business world. Shoppers often make irrational decisions based on messaging brands can control.
Neil Gandhi, VP of Data Science at RevTrax, and Jura Liaukonyte, SM.A., Ph.D, Professor at Cornell University, recently discussed proven behavioral economic methodologies and how they can be applied to digital tests to uncover the most effective shopper motivators. These learnings can be tied to specific audience segments and applied at scale to increase shopper engagement online and in-store, making national, shopper and trade promotions more impactful and cost-effective.
The webinar is included as the last slide in this presentation (also at https://youtu.be/35CbJRUz1Cs ). Watch the webinar and reference the slides to learn how marketers can leverage behavioral economics to identify triggers that drive shopper behavior along the path to purchase. You will:
- Learn what behavioral economics is and why it is important.
- Understand how behavioral economics is used in the business world.
- Walk through an actual case study on how brands can use behavioral economics to influence a shopper's path to purchase across audiences and channels.
Visit http://revtrax.com/insights to learn how RevTrax can help you combine customer-level data and behavioral economics methodology to test, optimize, and measure your digital promotions and marketing investments.