Mental Accounts

Mental Accounts

Mental accounts are a concept from behavioural economics that refers to the idea that people divide their financial resources into different accounts and reserve each account for specific purposes. These accounts can relate to different types of spending, savings or investments.

In neuromarketing, mental accounts can be used to understand customers' purchasing behaviour and develop more targeted marketing strategies. By identifying the different accounts that customers have for their spending, you can create targeted advertising messages and offers that are tailored to the needs and wishes of each account.

For example, companies can offer special deals to customers with a specific account to encourage their purchases or investments in that area. By utilising mental accounts, companies can develop more targeted and effective marketing strategies that are tailored to the specific needs and desires of each customer account.

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