Decision Making in Marketing
Psychology tells us that emotions drive our behavior, while logic only justifies our actions after the fact. Marketing confirms this theory. Humans associate the same personality traits with brands as they do with people — choosing your favorite brand is like choosing your best friend or significant other. We go with the option that makes us feel something. But emotions can cloud your reasoning, especially when you need to do something that could cause internal pain, like giving constructive criticism, or moving on from something you’re attached to, like scrapping a favorite topic from your team’s content calendar. There’s a way to suppress this emotional bias, though. It’s a thought process that’s completely objective and data-driven. It’s called the rational decision making model, and it will help you make logically sound decisions even in situations with major ramifications, like pivoting your entire blogging strategy. But before we learn each step of
Have you ever made a high-stakes decision? If yes, did you contemplate for some time before landing on the “right” decision — and even then, still felt unsure about the best course of action? In cases like those, you might need a decision tree. It’s more formal than a chat with a friend or a pros-and-cons list. Here, we’ll show you how to create a decision tree and analyze risk versus reward. We’ll also look at a few examples so you can see how other marketers have used decision trees to become better decision makers. Table of Contents What is a decision tree? Decision Tree Analysis How to Create a Decision Tree How to Create a Decision Tree in Excel Decision Tree Examples When it comes to marketing, decision-making can feel particularly risky. What is my colleague is so attached to a new product, she doesn’t want to mention any