Why marketers need to understand behavioural economics
We all like to think that we are rational human beings. However, ironically, science has proven that we are not – we are all much less rational and much more unpredictable than we think.
As science fiction author Robert A. Heinlein once said: “man is not a rational animal; he is a rationalising animal.” In other words, we always try and explain our behaviour without knowing why we did it.
This unpredictability is what makes understanding the consumer psyche so important to marketers.