Katrina Miner is Associate Consultant, Strategic Marketing and Customer Success at 4xi Global Consulting & Solutions. In this first of her regular BLOG Posts, Katrina talks about the Nudge Theory, and if it's part of your marketing strategy.
You may not believe this, but YOU, as a consumer, interact with the Nudge Theory as a marketing strategy literally, every day!
Have you ever been nudged into buying something? Maybe a partner or a friend suggested a brand, or perhaps you made a purchase from the text you got from Amazon stating that there was an item on the Treasure Truck today you might want because the price was amazing, and it was something you were looking to purchase anyway.
There is an interesting behavioral economic theory about the practice of nudging that was created by two economists, Richard Thaler and Cass Sunstein, who in 2008 wrote the book, Nudge: Improving Decisions about Health, Wealth, and Happiness.
Their hypothesis posited that the sovereign right of an individual’s choice of a product or thing can be influenced by certain economic and behavioral factors to encourage consumption. In their book, they applied the theory to things like selecting retirement options, or healthcare.
Having this type of integrated thinking can firmly ground your company culture in all your strategic planning. It can also be used in face-to-face training for sales efforts. The goal of Nudge is to make it easy for a consumer to choose your product or service by offering a default choice or an automatic choice and offering the information needed to move a consumer to a choice that is not reactive but reflective.
When you execute this subtle, focused connection with your consumers, it is truly transformational to your marketing plan. Having the right nudges in the right places can create opportunities for your customers to purchase a multitude of things.
One example is bundling your products, like with insurance, more specifically what Flo at Progressive Insurance is offering in her commercials; the more a customer insures the better the price and discounts. Another bundling example is cable TV service, where an offer contains phone, internet, and cable for a limited time at a reduced price.
Nudging can be used in your social media strategy, too. You can create messaging and posts that encourage your customer to follow or like your platform. In return, they receive a special offer or access to inside details about special events. You can also nudge through pop-up advertising on your own and partner websites.
In joining 4xi Global Consulting, I’m excited to bring this subtle yet effective tool to the suite of strategic marketing offerings that are now available for your business. I'm ready to help you utilize Nudge throughout your strategic plan, whether with current customers or looking forward to generating new leads.
"Together, we can create a marketing strategy that seamlessly guides your customers to the purchase of what they not only need and want but one that can benefit your company and your bottom line."
Let’s chat about how you can incorporate the Nudge principle in your marketing communication and sales strategies so that you can easily reach and exceed your marketing KPIs.
In today’s economic environment you can’t have enough help to grow your business!
You can learn more about our marketing and support and DOWNLOAD AN INTRO HERE, or reach Katrina for all your marketing strategy, and customer success
needs at: E: katrinaminer@4xiconsulting.com
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