Behavioral Economics interview with Florian Bauer from Vocatus
Posted: Mon Jan 06, 2025 6:39 am
Can you imagine being able to predict and influence your customers' decisions? Florian Bauer gives us the answer in this pleasant interview for QuestionPro. Bauer, a member of the Board of Directors of the German consulting firm Vocatus, recently participated in the activities of AMAI Ideas 2017 sharing his views on Behavioral Economics.
In his talk he mentioned that every company wants to influence market decisions. We believe that consumers make rational decisions, but this is not usually the case.
Why do our customers buy and how do they buy? It is certainly qatar phone number important to create specific strategies to market our products, according to each type of customer. Each level has a different behavior and therefore should be attacked with a different strategy.
We have already touched on this topic in the QuestionPro blog. If you are interested, you can read : Emotions, an indicator of consumer behavior
Behavioral economics to understand the consumer
Behavioural economics invites us to evolve our research methods, to understand how people behave in order to influence their conduct and decisions. To discuss these and other topics we interviewed Florian Bauer, and here we share his answers:
We know you are an expert in pricing. How do you perceive the pricing research industry here in LATAM? Do you think there is enough of a market for agencies like yours that could specialize in this topic?
Of course! Although the pricing community is often quite different from the market research community . Therefore, setting up a consulting company in this area involves going a little further than classic market research.
This change took us several years until we were recognized for our specialization in strategic pricing.
Florian Bauer Behavioral Economics
Could you tell us a little about how your team uses market research when working on a pricing project?
We always work empirically. This is something that sets us apart from other competitors in this segment. And we go beyond the classic tools and use them by following our Behavioral Pricing framework.
The market research part of our project typically starts internally with interviews with all relevant stakeholders in the company, then we move more customer-focused, and finally, based on both, we develop a strategic recommendation of how the pricing strategy and pricing execution should look like.
In his talk he mentioned that every company wants to influence market decisions. We believe that consumers make rational decisions, but this is not usually the case.
Why do our customers buy and how do they buy? It is certainly qatar phone number important to create specific strategies to market our products, according to each type of customer. Each level has a different behavior and therefore should be attacked with a different strategy.
We have already touched on this topic in the QuestionPro blog. If you are interested, you can read : Emotions, an indicator of consumer behavior
Behavioral economics to understand the consumer
Behavioural economics invites us to evolve our research methods, to understand how people behave in order to influence their conduct and decisions. To discuss these and other topics we interviewed Florian Bauer, and here we share his answers:
We know you are an expert in pricing. How do you perceive the pricing research industry here in LATAM? Do you think there is enough of a market for agencies like yours that could specialize in this topic?
Of course! Although the pricing community is often quite different from the market research community . Therefore, setting up a consulting company in this area involves going a little further than classic market research.
This change took us several years until we were recognized for our specialization in strategic pricing.
Florian Bauer Behavioral Economics
Could you tell us a little about how your team uses market research when working on a pricing project?
We always work empirically. This is something that sets us apart from other competitors in this segment. And we go beyond the classic tools and use them by following our Behavioral Pricing framework.
The market research part of our project typically starts internally with interviews with all relevant stakeholders in the company, then we move more customer-focused, and finally, based on both, we develop a strategic recommendation of how the pricing strategy and pricing execution should look like.