Behavioural economics in practice – the magic works for music industry!

Really liked this post, and it complements the topic of behavioral economics which we had touched on here before. Enjoy!

Precious Mistakes

“Give and you shall receive in return” is one of the key principle in Behavioural economics, as those who receive from you feel they must do something for do… BUT does that magic really work in the world full of deception, especially piracy in music industry?

Certainly! The very proofs are both real-life and academic research on consumer!

Amanda-Palmer-Kickstarter-SuccessThe rock icon, Amanda Palmer, has successfully raised over $1 million through a crowd funding platform, Kickstarter (Lindval, 2012; Grant, 2012). I agree with her that we can hardly insist the way of the world and all we have to do is find a way around it. Bear in mind, the level of success depends on the match of taste of consumers as well (Peitz, 2006). Yes, CONSUMERS… who are indeed willing to pay more for the music if they like it! (Peitz, 2006).

My advice?…

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Social Networking

So far we have explored different types of social media, how they are used for business and personal use; but what exactly is social networking and a social network?

Here is a definition provided by mashable.com : ‘A social networking service is an online service, platform, or site that focuses on facilitating the building of social networks or social relations among people who, for example, share interests, activities, backgrounds, or real-life connections.’

And what is a social network?

‘A social network service consists of a representation of each user, his social links, and a variety of additional services.’ (Mashable, 2013)

 

Just thought we should make that clear 🙂

 

Is Your LinkedIn Profile Complete?

The editors at Masters In Human Resources decided to research the topic and came up with a few highlights:

  • Only 50.5% of LinkedIn users have complete profiles
  • The average user spends 0 to 2 hours per week on LinkedIn
  • 48% of recruiters post jobs on LinkedIn and nowhere else on social media
  • 73% of recruiters filled a position using social media in 2012, a 15% increase from 2011
  • 89% of recruiters have filled a position using LinkedIn at some point in time
  • 97% of all HR and staffing professionals use LinkedIn in their recruiting efforts

Source:The Undercover Recruiter
To read more: http://theundercoverrecruiter.com/linkedin-recruitment/

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