How do you make decisions? Are you impulsive or are you deliberate? The study of behavioral economics tells us that all of us are both, dependent on the situation. We have two different systems for decision-making. We think fast and slow, as Nobel prize winner psychologist Daniel Kahneman would say. When the stakes are low, we are able to use our “automatic,” system of decision-making.
Think about the last time you were doing food shopping while hungry. Perhaps you stood there, in line, waiting for the cashier and decided, “Sure, I’ll buy a candy bar.” The candy bar is inexpensive, it’s a brand that you know, and you’re hungry. It’s easy to make automatic decisions because you have pretty much all of the information you need on-hand without giving that candy bar a second glance.
For companies in commoditized industries or those competing at lower price points, clear branding comes heavily into play—these brands need to be top-of-mind because they don’t have the time to get into the nitty gritty of why you should choose their brand over others when you’re taking 10 seconds to make your selection.
However, in a survey conducted by Convince & Convert and Audience Audit and presented in “Chatter… Read More