Buying things isn’t all fun and games – and the process of paying for things can actually cause pain for many people. In fact, neuroeconomics has found that when scanning subjects’ brains in an fMRI machine while they are going through the process of buying things, there is activity in the insula, which is a pain center in the brain. In many ways, it is just like physical pain, and the emotional pain can be very real.
It doesn’t impact everyone on every single purchase, and there are some times when it is more impactful, and some people it is more impactful for. In many cases in business, you want to do what you can to reduce the pain of a payment so people are more likely to go through with a purchase, but there are times when it is important to keep those pains in place…I will give examples of these and what to do when the pain can’t be reduced.
In this episode, I will let you know how this concept works including twelve different conditions where it is most likely to occur, some unexpected mechanisms that can cause pain when you wouldn’t even realize it, and (of course) tips for how to use this concept to your benefit in any type of business.
