opportunity 46 of 150 There are so many opportunities that business can, and should, consider when developing a marketing strategy. In my experience, most of these opportunities are ignored or at the very least not given the consideration they deserve. Many of these opportunities require an understanding of people and what makes them do what […]

opportunity 46 of 150 There are so many opportunities that business can, and should, consider when developing a marketing strategy. In my experience, most of these opportunities are ignored or at the very least not given the consideration they deserve. Many of these opportunities require an understanding of people and what makes them do what they do. Have you considered the sunk cost fallacy? There is a commonly held view that consumers make rational decisions based on the future value of objects, investments and experiences. That is, that we assess each future outcome or potential outcome on the basis of the rational evidence put before us. The truth is that consumers are much less rational than this. Decisions are very often tainted by the accumulated emotional investment of consumers. In other words, an emotional connection with the past influences the perceived outcome of a future event, even when the future…