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Risk and reward. Upside and downside. SWOT analysis. In every aspect of our lives, we assess what we can gain and what we can lose. It crosses the domains of business, parenting, education, social interaction, and of course money.
Psychologists Amos Tversky and Daniel Kahneman studied decision making in the face of potential economic risk and economic reward. Their studies revealed that individuals, when facing potential economic risk of losing something in their possession, are risk averse. However, when faced with the opportunity to win an equivalent amount they did not already have, are more compelled to take risk. Their research has been embraced by the marketing community as key to understanding consumer choices. Dr. Amos Tversky passed away in 1996, therefore was not eligible to share in the Nobel Prize for Economics in 2002, awarded to his research partner Dr. Kahneman.
What does this mean to marketers who aspire to be more successful? Well that’s it…aspiration. Sure, everyone likes to get a good price on a purchase. But if you want that extra level of motivation, you can provide the chance to win something really aspirational. From the earliest sweepstakes and contests, to today’s digital and mobile channels of consumer engagement, aspiration is a fundamental driving force of consumer behavior.
A Few Partners Who Like to Win
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SCA is not an insurance company and does not issue insurance policies. SCA offers promotional event prize promotions under Texas insurance code chapter 1810.