commerce Bahrainthismonth.com 60 July 2024 MONEY, YOU, BUDGETS and What Drives You Continuing on the ‘Money and You’ theme, Pria Masson discusses how your motivations and fears affect your goals and decisions and how they relate to money. I recently attended a very interesting workshop on digital marketing led by a digital marketing expert, Andrea Vasconcellos. The insights shared at this workshop made me recall the small and big stuff that goes into creating, building and promoting a business. It also got me thinking about just how transferable these skills are to our personal and professional lives. With that as a background and in continuation of our ‘Money and You’ theme, this month, I discuss how your motivations and your fears affect your goals and decisions and how all this merges in with money. Which is more likely to determine your business decisions regarding money? Instagram poll Here’s what we asked our followers this month: Fear 24% Motivation 76% Motivation Let’s begin with the basic idea of motivation. It is what drives all our actions, whether consciously or sub-consciously. When you want to market a product, at a fundamental level, you need to address the core motivation of your audience. Let’s break it down to money. On a personal level, that dress you really wanted, it is difficult to figure out if it is a need or a desire because you do need it for that new party you are going to. The aim of that dress, however, is what decides which bucket it sits in. If your motivation is to be noticed and being noticed allows you to build a specific connection, then it’s really an investment (however risky) and not a pure expense. On a business level, an extra boost of Instagram ads for example, could be an expense you need to make to get new business. However, if you dig deeper and analytics tell you that the ads may make you popular, but there is no conversation of clicks into sales, then, it’s really a “nice to have” and continuing, is an ego boost, not an investment.
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