Learn how unconscious biases can be harnessed in your marketing, including the theory and practice of assembling simple experiments and applying the results.
During your Professional Certificate in Behavioural Economics, you will learn:
- How the study of behavioural science can benefit marketing practices
- How classic campaigns have put behavioural economics into practice to harness bias
- The EAST framework for nudging behavioural change
- Why using data to inform decision-making is more reliable than opinion
- The processes you should follow to achieve robust results from your experiments
You will be required to complete two x one hour online examinations.
Introduction to behavioural science
- What is Behavioural Economics?
- Why we should use behavioural economics in marketing
- Three ways you could be harnessing behavioural economics
Behavioural science themes
- The danger of claimed data – why it is better to observe behaviour than listen to consumer claims
- Overestimating the importance of target audiences
- Give more emphasis to target contexts
How some of the most successful campaigns of all time have been based on biases
- De Beers - anchoring
- Nespresso – price relativity
Introduction to the Behavioural Economics framework
- Frame works MINDSPACE and EAST
- The government implementation of Behavioural Economics
Make it easy
- How small pieces of friction can have a disproportionate influence on behaviour – look at the example of suicides (North Sea gas and paracetamol)
- How many brands suffer from choice paralysis and what they can do about it
- Interactive session: split the attendees into pairs, how can they reduce choice paralysis on the brands they’re working on.
How to run a robust experiment
- Setting up your hypothesis
- Understand the context with in the data
- Reach meaningful conclusions
Make it attractive
- How consumers don’t have enough time or energy to weigh up decision rationally.
- How prices can be made to appear more attractive - scope insensitivity & payment method
- How promotions can be made to appear more attractive – plausibility
- Counter-intuitive ways of boosting attractiveness: pratfall effect (include a live experiment to show that the bias is effective)
Make it social
- How consumers look to others when making decisions (Cialdini experiments)
- Show how social proof can backfire (negative social proof)
- Show how social proof can be used creatively (ipod & Magners examples)
Make it timely
- How the same message can have a markedly different effect depending on when people hear it
- Why talking to consumers after a life-event is a window of opportunity
- How brands can capitalise on the fresh start effect
- Why brands should give disproportionate emphasis to the peak and final moment of the experience they create
Who is this course for?
Choose this Professional Certificate to better understand your customers and what motivates them, and apply principles to your marketing.
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