The power of behavioral economics in marketing was affirmed recently in an Advertising Age article by Michele Fabrizi, in which she analyzed the success or failure of last year’s Super Bowl TV spots. Fabrizi wrote:
“Some reviews (of Super Bowl spots) are measuring brain waves, others are looking at consumer votes and some are just personal opinion. Well, we think we know what was behind some of the very good as well as some of the not-so-good efforts. It’s all about leveraging the unconscious factors that drive 95% of consumer decision-making, and the best way to do that is through behavioral economics.”
That last sentence is gospel at my agency, Crosby Marketing. We have learned that it is critically important to invest in market research to learn what truly motivates your target audience.