Behavioral Economics

People rarely make rational decisions

BUT THEY ARE MOSTLY PREDICTABLE

Use this knowledge to shape the customer’s buying process. Ideally, the customer no longer needs to think and decide consciously, and the purchase is a matter of course instead.
Behavioral Economics - Vocatus Pricing & Selling

Behavioral Economics

People rarely make rational decisions

BUT THEY ARE MOSTLY PREDICTABLE

Use this knowledge to shape the customer’s buying process. Ideally, the customer no longer needs to think and decide consciously, and the purchase is a matter of course instead.

In Good Company

Kaufentscheidung von Menschen - Vocatus Pricing & Selling

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.

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Behavioral economics effects
Default-Effekt - Vocatus Pricing & Selling
Default effect

People tend not to change pre-selected options (default) in the purchase process, even if they did not focus on these options themselves.

Anker Effekt - Vocatus Pricing & Selling
Anchor effect

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.

Decoy Effekt - Vocatus Pricing & Selling
Decoy effect

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.

Framing Effekt - Vocatus Pricing & Selling
Framing effect

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.

Endowment Effekt - Vocatus Pricing & Selling
Endowment effect

People find it harder to give something back once they own it than if they had never owned it.

Mental Accounting - Vocatus Pricing & Selling
Mental Accounting

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.

Jeder Mensch hat viele Gesichter - Vocatus Pricing & Selling

Shaping purchasing decisions

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.

The GRIPS types

Five typical “irrational” types of decision-makers
Schnäppchenjäger - Vocatus Behavioral Economics Effekte
Bargain Hunter

… enjoy searching & comparing, and love discounts and extras.

Preisbereiter - Vocatus Behavioral Economics Effekte
Price Accepter

… are enthused by products and often spend more than they'd originally planned.

Verlustaversiver - Vocatus Behavioral Economics Effekte
Risk Avoider

… are cautious consumers who are afraid of being taken advantage of.

Gewohnheitskäufer - Vocatus Behavioral Economics Effekte
Routine Buyer

… are loyal and have a great deal of trust in specific brands and products.

Gleichgültiger - Vocatus Behavioral Economics Effekte
Indifferent Buyer

… aren't interested in comparing products or prices, but are looking for a quick solution.

Behavioral Economics Effekte - Vocatus Pricing & Selling

Each person has many faces

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.

The GRIPS-Types explained quickly

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Behavioral Economics
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Price strategy

Making the price a minor matter
Learn how to use different behavioral economics effects for yourself and how to meet the different types of decision makers optimally. You can use a mix of product features, exciting price dynamics, and suitable payment models to encourage your customers to buy.

Price strategy

Den Preis zur Nebensache machen - Vocatus Pricing & Selling
Making the price a minor matter
Learn how to use different behavioral economics effects for yourself and how to meet the different types of decision makers optimally. You can use a mix of product features, exciting price dynamics, and suitable payment models to encourage your customers to buy.
Den Fokus auf den Kunden setzen Vocatus - Pricing & Selling

Sales optimization

Focusing on the customer
The key to success is to listen to the customer based on his personal decision strategy. If you know the different decision-making criteria of your customers, you and your sales partners can use convincing arguments even more effectively.

Sales optimization

Den Fokus auf den Kunden setzen Vocatus - Pricing & Selling
Focusing on the customer
The key to success is to listen to the customer based on his personal decision strategy. If you know the different decision-making criteria of your customers, you and your sales partners can use convincing arguments even more effectively.
“The bridge between the logical behaviors and the “real” human behaviors has proven to be a very powerful tool to move the dial of customer understanding to the next level.”
Marcello Maggioni

COO
Sky Deutschland GmbH

Sky Logo - Vocatus Pricing & Selling

Our customers speak for us

Dr. Jan Myszkowski - Leiter Best Practice Lab - Talanx International - VOCATUS - Pricing & Selling
“…bearing quantifiable fruit…”
“It is fascinating to observe how the behavioral economics mindset in our company is spreading worldwide and bearing quantifiable fruit.”

Dr. Jan Myszkowski

Head of Best Practice

Lab
Talanx International

Petra Schmidt - Head of Smart Banking - Bank Austria - VOCATUS - Pricing & Selling
“…customer appointments quadrupled…”
“With the help of GRIPS types, Vocatus has developed a concept for a customer-oriented approach for our service staff. This enabled us to quadruple the number of customer appointments arranged by telephone.”

Petra Schmidt

Head of Smart Banking

Bank Austria

Frank Mahlberg - Geschäftsführer Hamburger Abendblatt - Axel Springer AG - VOCATUS - Pricing & Selling
“…courage to make clear decisions…”
“The cooperation with Vocatus has taken away false fears, sensitized us to aspects that had previously been underestimated, and given us the courage to make clear decisions.”

Frank Mahlberg

Managing Director Hamburger Abendblatt


Axel Springer AG

What are you waiting for?

Contact us.
Together we can help your company achieve top performance.

Vocatus AG Preisstrategie Behavioral Economics