How can we describe psychographics?
Psychographics is a qualitative methodology which is used to describe consumers on psychological attributes. Psychographics is co-existing with the study of personality, values, opinions, attitudes, interests, and lifestyles.
“Carrots and sticks” are passé. Enter the “Nudge” – a subtle push that aims to influence a person’s behaviour without being conspicuous. Instead of forbidding choices, or using overt incentives, the Nudge uses indirect suggestions to impact people’s behaviour, thus facilitating certain choices over alternative ones.
It is essential to understand how people make decisions while buying a particular product or service or why they buy, this being the secret ingredient for success, especially when it comes to e-commerce business. The fundamental reasoning behind buying is to bring pleasure or migrate further from pain. So, when you are selling a product or offering a service, try to understand why your customer will buy what you are selling. Insights from Behavioural Economics can be one turning point solution to help you read your customers’ mind and serve them appropriately.
Clothes or toys, mobile phones or investment plans, offline or online, retailers are swamping us with choices, far more than you and I could conceivably peruse. While earlier economic theory, as well as conventional wisdom, would suggest that we would always be better off with more options ( we could just ignore the ones we didn’t like), empirical evidence shows that excessive choice, be it in picking a pair of jeans or choosing your life partner may not always be such a good thing.
Company culture is made up of shared beliefs and values which are established by the organization’s leaders and then communicated and embedded through various methods, ultimately shaping employee perceptions, behaviours and understanding. Company culture it’s the element that differentiates a business from its competitors. Usually, companies with a strong culture tend to develop superior results as compared to the companies with weaker cultures. When a culture is strong, it leads to motivated employees and high performing managers.
Behavioural economics has many practical applications for building, creating and modelling company culture. Here are six essential tips.