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Secrets of the Moneylab

25. January 2011

Book Review: Secrets of the Moneylab: How Behavioral Economics Can Impact Your Business by Kay Yut Chen with Marina Krakovsky Economics can be dry stuff – remember “macro,” “micro,” and supply/demand curves? Fortunately, Secrets of the Moneylab is a lot more fun than Econ 101 because it focuses not on theory but on how people [...]

Scary Thought: A Treatment for Impulse Buying

7. October 2010

14 comments

Here’s a thought that would terrify many marketers… what if consumers prone to impulsive behavior decided to take a pill to quiet those impulses? While clearly lack of impulse control is a serious issue for some individuals and can lead to extreme behavior, marketers of everything from checkout lane mints to Porsches depend to some [...]

Pricing Lessons from Restaurants

7. January 2010

12 comments

My last Neuromarketing post, Neuro-Menus and Restaurant Psychology, talked about various things restaurant menu engineers do to maximize sales and profits. I think it’s worth calling special attention to one aspect touched on in that post: how price presentation affects sales. Not, the price itself, which of course is very important, but the way the [...]

Ants and Humans

3. December 2009

1 comment

If the late Nobel Laureate Herb Simon were still around, I’m sure he’d be fascinated by neuromarketing. He did a lot to explode myths of human behavior, notably that people always behave in a rational, utility-maximizing, manner. I never met Simon during my student years at Carnegie-Mellon (though I did serve on a committee with [...]

Brain Fight: Who’s the Decider?

13. October 2009

10 comments

One of my favorite chapters in How We Decide by Jonah Lehrer is The Brain is an Argument. In this chapter, Lehrer highlights how complex our decision-making process really is, and how competing options battle for supremacy.

Banking Mess: Blame Our Brains

26. September 2008

2 comments

As the current financial chaos moves toward some kind of resolution, there will no doubt be plenty of Monday morning quarterbacking to explain what went wrong. One group that one wouldn’t expect to have explanations are neuroscientists. As it turns out, neuroscience researchers actually can shed some light on why things went so wrong. One [...]

Danger in Discounts

8. August 2008

9 comments

I’m a sucker for discounts. Show me something that costs $50, tell me I can have it for $25, and my hand will be reaching for my wallet while my brain is still trying to figure out whether I need the item at any price. Most of us respond that way – our brains are [...]

Anchor Pricing Strategies

18. July 2008

9 comments

Here’s a scenario… You decide to venture into a cell phone store despite your reluctance to deal with a bewildering number of phones, options, plans, along with a confusing price structure. As usual, you find you’ll have to wait a bit for a salesperson. The greeter hands you a card with a big “97″ printed [...]

The Power of FREE!

10. July 2008

42 comments

A few days ago, I wrote about the power of the word “New” to get our attention – if there’s a more potent attractor out there, it’s almost certainly “FREE!” For years, advertising gurus have listed “free” on every compilation of powerful headline words. Now, research conducted by Dan Ariely (a Duke behavioral economist, previously [...]

Bikinis, Babes, and Buying

24. June 2008

12 comments

Scantily clad women have been used to sell products to men for decades, and likely for millennia in one form or another. There’s little doubt that the typical male brain is wired to respond to attractive females in revealing attire. But is this a cheap attention-getting trick that has no real impact on sales, or [...]

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Archive | Neuroeconomics RSS feed for this section

Secrets of the Moneylab

Scary Thought: A Treatment for Impulse Buying

Pricing Lessons from Restaurants

Ants and Humans

Brain Fight: Who’s the Decider?

Banking Mess: Blame Our Brains

Danger in Discounts

Anchor Pricing Strategies

The Power of FREE!

Bikinis, Babes, and Buying

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Neuromarketing Books

Roger’s “Brainy Marketing” at Forbes

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