Applying behavioural economics in marketing

7 Cognitive biases you can leverage today

Our latest report, Applying Behavioural Economics in Marketing, shares seven cognitive biases that you can use to take your marketing to the next level today.

Professor Dan Ariely humorously refers to us as ‘predictably irrational’, mocking the human tendency to make suboptimal decisions in predictable patterns. This is why marketers cannot afford to ignore behavioural economics – it is the tool for unpacking these decisions and can shed light on why people buy or don’t buy your brand.

We offer practical explanations, advice and examples of:

  1. Status quo bias: A preference for things to stay as they are and resistance to making an effort (also known as defaults).
  2. Bizarreness effect: Things that are bizarre (especially those that are incongruous out of context) stand out and are more memorable.
  3. Authority bias: An irrational trust in the judgment of experts.
  4. Herd behaviour: Desire to mimic the behaviour of others.
  5. Hyperbolic discounting: Irrational emphasis on what matters today and a preference for immediate payoffs.
  6. Anchoring: We use benchmarks to evaluate options, no matter how arbitrary the anchors may be.
  7. Reciprocity bias: We respond in kind to even the smallest act of generosity or altruism.

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Retail Trends 2020 and beyond

10 shifts and drivers that will disrupt the way we buy and sell.

How do you connect with consumers to drive business?

This question used to be a lot easier to answer. However, constant advances in technology and shifting political, societal and cultural norms are making it more challenging. Businesses are being forced to respond to factors that are forever shifting and driving how consumers behave towards brands and retailers.

Our Retail Trends 2020 and beyond report takes an indepth look at the top shifts and drivers influencing consumer behaviour.

Written by our in-house Behavioural Strategist, this report will immerse you why these shifts and drivers are fundamentally changing retail and how you can embrace them for good in your marketing strategy.

Retail Trends 2020 and Beyond is a must-read

Understanding the shifts and drivers influencing  consumer behaviour is not just important, it’s imperative to acquiring and retaining consumers.

Uncontrollable political, societal and cultural changes that subsequently create new needs, attitudes and behaviours.

Emerging technologies, tools and practices that when introduced will enhance the retail environment and experiences.

What will you do with these insights?

1. Prepare for or drive change in your business
2. Gain an edge over your competition
3. Present your customers with an environment and service that is more in tune with their mindset and needs.

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FREE Behavioural Economics Workshop

An introduction to the power of applying behavioural economics to marketing problems. We’ll immerse your brand and marketing teams in the latest thinking, inspiring and expanding their minds with case studies and knowledge they can put into practice.

Book your free workshop

Behavioural Design Sprint

Solve big problems and test new ideas in just four days. Based on the proven Design Sprint system created at Google Ventures, a Behavioural Design Sprint enables us to rapidly solve business challenges, and create and test ideas that drive acquisition, activation and retention.

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