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Understanding Behavioral Economics in Sales
Core Principles of Behavioral Economics: Behavioral economics combines insights from psychology and economics to understand how psychological factors influence economic decision-making . Unlike neoclassical economics, which assumes rational actors, behavioral economics acknowledges that human decisions are often influenced by cognitive biases, heuristics, and emotions.
Application to Sales: In a sales context, this means understanding that customers do not always make perfectly rational choices based solely on price or features. Their decisions are swayed by perception, framing, social influence, and emotional responses. Sales training informed by behavioral economics aims to equip salespeople with techniques to leverage these psychological insights ethically to influence customer behavior.
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John Lok
I had graduated business Administration Science Degree in Common Wealth Open University. Then, I concentrate on researching whether how economic changing environment can influence our behaviors, e.g. consumer behavior in behavioral economic view. I had researched different behavioral economic topics included how artificial intelligence influences economic environment changes, how artificial intelligence influences consumer behaviors, how disease influences traveler leisure psychology, how economic changing environment influences public transport passenger choice, how e-commerce market influences consumer behavior etc. different books are published. I hoped my readers can make accurate analysis to learn how and why the economic changing environment influences consumer behavior in behavioral economic view.
