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Colin Shaw and Beyond Philosophy LLC에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Colin Shaw and Beyond Philosophy LLC 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
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Psychology of Buying: Why 'Mental Accounting' is Critical to the Decision to Buy

32:06
 
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Manage episode 402698596 series 2984018
Colin Shaw and Beyond Philosophy LLC에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Colin Shaw and Beyond Philosophy LLC 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

Have you ever noticed that spending cash is harder than using a credit card? You are not imagining things. Different payment methods carry varying degrees of discomfort when used.

Cash tends to have the most painful impact, followed by checks. Credit cards offer a lesser discomfort than cash or checks. With advancements in payment technologies like contactless cards or smartphone transactions, the potential exists for these methods to generate even less discomfort than traditional credit cards.

So, how can businesses leverage these insights into payment methods to assist customers in handling their emotional response to spending?

To put it simply, the answers lie in Mental Accounting and Reframing.

Mental Accounting plays a pivotal role in how customers navigate their emotions regarding spending. It serves to alleviate guilt and elevate happiness in spending scenarios. Thus, it's crucial to consider mental accounting within the broader context of managing customers' emotional experiences.

In this episode, we explore where your customers are emotionally relative to the purchases they make and how guiding them to an improved mental accounting from your business perspective is essential. It turns out that messages that acknowledge and address customers' emotional responses to spending can be a powerful strategy in enhancing their overall satisfaction and engagement during transactions.

Here are some other key moments in the discussion:

  • 04:09 Ryan explains how money can be spent on anything, however the biases we create using mental accounting help us manage our emotions regarding our spending.

  • 07:20 Colin associates a podcast with Joe Pine regarding how customers value their time in experiences differently depending on the type of timed transaction it is.

  • 17:43 We discuss the importance of understanding what mental accounting your customers are using and working with that to help them feel more satisfaction with their purchase.

  • 21:08 We explore how financing in the mix can change the spending experience for customers.

  • 28:09 We share the key takeaways from Mental Accounting and how you can leverage it to improve your experiences with customers.

About Colin Shaw

LinkedIn recognizes Colin Shaw as one of the 'World's Top 150 Business Influencers.' As a result, he has over 294,000 followers and 78,000 subscribers to his LinkedIn newsletter ‘Why Customers Buy’. The Financial Times selected Beyond Philosophy as one of the best management consultancies for four years.

Colin is a renown keynote speaker and undertakes consultancy work and educational workshops to help organizations improve their Customer Experience.

Click here to learn more about Professor Ryan Hamilton of Emory University.

How can we help?

Click here to learn more about Beyond Philosophy's Suite of Services.

Please tell us how we are doing! Complete this short survey.

  continue reading

349 에피소드

Artwork
icon공유
 
Manage episode 402698596 series 2984018
Colin Shaw and Beyond Philosophy LLC에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Colin Shaw and Beyond Philosophy LLC 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.

Have you ever noticed that spending cash is harder than using a credit card? You are not imagining things. Different payment methods carry varying degrees of discomfort when used.

Cash tends to have the most painful impact, followed by checks. Credit cards offer a lesser discomfort than cash or checks. With advancements in payment technologies like contactless cards or smartphone transactions, the potential exists for these methods to generate even less discomfort than traditional credit cards.

So, how can businesses leverage these insights into payment methods to assist customers in handling their emotional response to spending?

To put it simply, the answers lie in Mental Accounting and Reframing.

Mental Accounting plays a pivotal role in how customers navigate their emotions regarding spending. It serves to alleviate guilt and elevate happiness in spending scenarios. Thus, it's crucial to consider mental accounting within the broader context of managing customers' emotional experiences.

In this episode, we explore where your customers are emotionally relative to the purchases they make and how guiding them to an improved mental accounting from your business perspective is essential. It turns out that messages that acknowledge and address customers' emotional responses to spending can be a powerful strategy in enhancing their overall satisfaction and engagement during transactions.

Here are some other key moments in the discussion:

  • 04:09 Ryan explains how money can be spent on anything, however the biases we create using mental accounting help us manage our emotions regarding our spending.

  • 07:20 Colin associates a podcast with Joe Pine regarding how customers value their time in experiences differently depending on the type of timed transaction it is.

  • 17:43 We discuss the importance of understanding what mental accounting your customers are using and working with that to help them feel more satisfaction with their purchase.

  • 21:08 We explore how financing in the mix can change the spending experience for customers.

  • 28:09 We share the key takeaways from Mental Accounting and how you can leverage it to improve your experiences with customers.

About Colin Shaw

LinkedIn recognizes Colin Shaw as one of the 'World's Top 150 Business Influencers.' As a result, he has over 294,000 followers and 78,000 subscribers to his LinkedIn newsletter ‘Why Customers Buy’. The Financial Times selected Beyond Philosophy as one of the best management consultancies for four years.

Colin is a renown keynote speaker and undertakes consultancy work and educational workshops to help organizations improve their Customer Experience.

Click here to learn more about Professor Ryan Hamilton of Emory University.

How can we help?

Click here to learn more about Beyond Philosophy's Suite of Services.

Please tell us how we are doing! Complete this short survey.

  continue reading

349 에피소드

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