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Behavioral Economics
People rarely make rational decisions
BUT THEY ARE MOSTLY PREDICTABLE
People’s purchasing decisions depend not only on the product but also on the context – and this is something that you as a company can also actively influence.
People tend not to change pre-selected options (default) in the purchase process, even if they did not focus on these options themselves.
People are guided in their price acceptance by other numbers (anchor) in the temporal and spatial environment of the purchase, even if they have nothing to do with it.
If people have to choose between A and B, their decision also depends on whether another option C is available (decoy) - even if nobody wants this option.
Whether a given product's advantages are (for example) worded negatively or positively will crucially impact on a person's decision for or against it.
People find it harder to give something back once they own it than if they had never owned it.
People treat the same amount of money differently, depending on where it comes from and what it is to be spent on.
Translate these behavioral economics effects together with us into bottom-line results for your company.
Vocatus has developed a comprehensive theory of purchasing behavior from the individual behavioral economics effects and published it in the academic paper A Positive Typology of Irrational Decision Strategies.
We use this decision theory to shape your customers’ buying decisions. Because empirically speaking, all purchasing decisions can be traced back to five types of decision-makers. We call them the GRIPS types.
With this model, we have combined the individual findings around “behavioral economics” in a way that allows an effective application in pricing and sales.
… enjoy searching & comparing, and love discounts and extras.
… are enthused by products and often spend more than they'd originally planned.
… are cautious consumers who are afraid of being taken advantage of.
… are loyal and have a great deal of trust in specific brands and products.
… aren't interested in comparing products or prices, but are looking for a quick solution.
One and the same person will decide differently in different situations.
If they’re a Bargain Hunter when they’re buying a mobile phone, they might be a Price Accepter when purchasing a new car, or they could manifest themselves as a Routine Buyer when they’re stocking up with detergent.
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