Just like our daily routines have changed in the wake of COVID-19, business discussions and marketing discussions need to be changed too to accommodate the impacts of the unsettling scenario currently. While some brands may be taking advantage of the circumstances, some may be contemplating on scaling back marketing activities.
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Corona is here to stay for a while, let’s acknowledge that first! We don’t know when the pandemic will come to a halt, let’s acknowledge that too. The impact of the corona virus on businesses and the sudden downward spiral of economies globally have gotten many second-guessing their future.
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Neuromarketing is the study of the human brain’s response to stimuli. Using MRIs, these impulses and reactions can be tracked and interpreted. There could be conflicts between our conscious and subconscious parts of human minds.
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The concept ‘Paradox of choice’ was popularized by Barry Shwartz, an American psychologist in his 2004 book ‘The Paradox of Choice – Why more is less’.
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Loss aversion is a powerful psychological tactic utilized by marketers to amplify marketing efforts and increase sales conversions. It refers to people’s tendency to choose avoiding losses over acquiring gains. In fact studies show that negative impacts like losses, disadvantages etc. affect people more than gains, advantages etc.
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