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Five Keys to Selling to Spendthrifts

By |October 9th, 2007|

Neuroeconomics research suggests that roughly 15% of your consumers are “spendthrifts” – they have unusually low sensitivity to the pain of paying, i.e., the neural discomfort associated with parting with money. Selling to people who feel little or no buying pain should be easy, right? With reduced buying inhibition, a spendthrift is more likely to take advantage of any given offer compared to a tightwad or even a normal, “unconflicted” person. Nevertheless, making the sale isn’t a given. For one, your offer is competing with other offers both for similar products or services as well as offers for dozens of other, unrelated items. Unless your spendthrift has the net worth of Bill Gates, he will have to make choices – as much as he might like to, he can’t buy everything. So, in our ongoing effort to translate academic neuroeconomics into practical neuromarketing, here are five ways to help close the deal with these free-spending customers: […]

Popular Topics

By |December 28th, 2006|

Some of our Neuromarketing hot topics: Brain fitness Branding Buying pain Facial Coding fMRI Framing Brian Knutson George Loewenstein Mirror neurons Olfactory Marketing Political Neuromarketing Pricing Priming Super Bowl Ads Ultimatum Game

Cruise Marketing and Neuroeconomics

By |October 17th, 2006|

One of the most successful sectors in the travel industry has been cruising. Megalines like Carnival and others are building ever-bigger ships to handle the increased traffic and offer more amenities. There’s no doubt that a good […]

USA Today Highlights Neuroeconomics

By |August 7th, 2006|

One of the most relevant and potentially fruitful areas for marketers hoping to employ neuroscience as one weapon in their arsenal is neuroeconomics – in essence, the neuroscience of decision making. Neuroeconomics seems to be more focused and more […]