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Understanding Behavioral Economics and its Correlation to Digital Marketing

What would make a social media user share content with his family and friends? What would entice him to click an external link? What type of content would be convincing enough to convert a “like” to an eventual sale? These are some of the questions that constantly bug digital marketers. Digital marketing, a subcategory of marketing, uses digital platforms such as Short Message Service (SMS), electronic billboards, social media, and apps to promote and sell products. In creating effective digital marketing strategies, it’s imperative to understand consumer buying behaviour.

“The brain is the organ of economic decisions. With behavioral economics, we want to use facts and constructs to reveal the limitations on computation, willpower, and self-interest,” says Dr. Colin Camerer, an experimental economist at the California Institute of Technology. Behavioral economics, or the “economics from the inside” of the mind, can be a useful tool for digital marketers.

If you’re an entrepreneur or head of an advocacy group aiming to reach your target audience, here are four things you should know about digital marketing trends and their correlation to behavioral economics.

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3 Ways Your Web Presence Can Influence the Masses

In contrast to what every marketer seems to believe today, a great website is not purely defined by conversion rate. A stellar website profoundly influences the customer’s buying process to earn and maintain business for the long haul. The landscape of eCommerce is ever changing. Shoppers in the U.S. spent $226 billion in 2015 and $327 billion in 2016. Innovation in technology has reshaped the way people engage with businesses across the world.

To truly become influential, brands need to gear the overall experience to create value that consumers cannot get anywhere else. The key to getting to this level is finding an impactful way to build strong relationships that ultimately lead to brand loyalty. Let’s explore three ways you can create “wow moments” that will leave a lasting impression users everywhere.

1. Create an Intuitive Website

Let’s start with the website itself. An intuitive website is based on the concept of user-friendliness. It should seamlessly work to give the user everything they need without effort. An intuitive design is minimalistic and does not present any roadblocks whatsoever throughout the entire experience. In fact, a study found that a simplistic homepage can increase conversion rates by 261%.

Let’s examine an instance of an intuitively designed website – one promoting a city of the same name – Playa del Carmen:

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How To Start A Successful Online Business With A Global Audience

An online business is a smart way of starting a career as an entrepreneur. The world has become increasingly dependent on technology. The Internet has become the preferred avenue for conducting business. With mobile technology expected to grow exponentially over the next 5 years, Internet-based business ideas are the way to go.

The Internet attracts 3.5 Billion users every day. If you want a successful online business, you should know whom to market to. It may seem obvious to market to English-speaking countries since everyone on earth must speak the language, right?

Here’s a bit of trivia that may change your way of thinking: How many online shoppers speak English? According to J.P Morgan’s report for the Department of Commerce, only 27% of online shoppers speak English. Thus by not considering non-English speaking markets in your online business development strategies, you are potentially undercutting yourself a windfall of revenues.

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