Behavioral economics are fun.
These are those tactics, the things that we see where our buyers are behaving irrationally, and yet we know they’re irrational and we can take advantage of it.
In fact, my dissertation in my doctoral program was on 99 cents, and why does 99 cents work, and it’s because buyers tend to be irrational. We should think of each penny or each dollar is identical, but we don’t.
The thing is, although these behavioral economics tactics work, and we really should be paying attention to them because we want to present our pricing in the best light possible, it’s only marginally effective. We need to get the value part right. If we don’t get the value part right, it doesn’t matter how we use our behavioral economics.
Now, to be fair, you can get the value part right and totally mess up a deal with horrible behavioral economics. So, both are important. But you absolutely have to understand value and get that right if you expect to win more deals at higher price.
“If we don’t get the value part right, it doesn’t matter how we use our behavioral economics.”
– Mark Stiving
We hope you enjoyed this memecast. This impactful insight came from the book, Selling Value, which I wrote to help salespeople win more deals at higher prices. If you have any questions or feedback, please email me email@example.com.
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