understand the sunk cost fallacy

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…

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Five Tips For Reducing
The Cost Of Branding.

Burning money on branding is more common than most marketers think. Because few businesses truly understand what a brand is and how branding works, advertising agencies, branding agencies and design studios have become expert at spending their client’s money without effective accountability.

Burning money on branding is more common than most marketers think. Because few businesses truly understand what a brand is and how branding works, advertising agencies, branding agencies and design studios have become expert at spending their client’s money without effective accountability.

1. Get out of the boardroom.

Perhaps the two most concerning issues about branding are the lack of understanding about what brand and branding are and the propensity to develop brands in the boardroom, perhaps with the help of a consultant.....

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