Using Behavioral Economics Responsibly

In Blogging by Shaunie Cauley

Business owners generally understand, and value collected consumer data samples and buying trends. As consumers also, we’ve been offered incentives for surveys. You have probably noticed the targeted ads that show up based on your browsing. It seems like ads are shown to us just by our thinking about something. How do they know?

Behavioral Economics is a mix of psychology and economics and how they relate to buying trends. When businesses have access to intimate details about why people buy their products, they can use this information to be more intentional about how they market. Using consumer buying trends can offer business owners considerable power. A map of a consumer’s internal landscape can be like strings that a business can pull to line up scenarios with the explosive sales they desire.

Using Compassion and Care with Capitalism

 

Could a company that has this kind of access to what makes a consumer tick and how to move this ticking to the speed of a company’s ambition, hurt the consumer? Should business owners care? Spider Man’s Uncle Ben offered great advice about having the power to affect others’ lives. He famously said, “with great power comes great responsibility.”

Smaller companies are in a unique position to serve as leaders in the consciousness of business culture and how it relates to capitalism. Businesses that keep relationships with their customers often still care about people. They serve their friends, neighbors, families, and communities; sales are necessary but not more important than the total wellbeing of their people.

Michigan Creative is in a unique position to work with local companies to develop marketing content that engages their target consumers ethically.  We care about people and make it our goal to work with local companies who share a similar philosophy; people first.