behavioural economics: inviting marketers to experiment
DESCRIPTION
This short deck clarifies the role of behavioural economics in marketing. It defines behavioral economics as a process of experimentation, informed by scientific and psychological insights. When used methodically, it can help us to optimise every touchpoint of the buyer journey.TRANSCRIPT
Behavioural economics:Inviting marketers to experiment
Copyright © 2012 PrimeDecision
Understanding of behavioural economics
Understanding of behavioural economics
So far, the focus has been on general principles, not on how to start applying behavioural economics to marketing.
What do marketers really need to know?
Behavioural economics thrives
in a measurement-focused,
experimentalmarketing environment.
Applying behavioural economics =
Using scientific insights to inform tactics and strategies which improve marketing’s performance.
Applying behavioural economics =
Methodically testing hypotheses through an experimental, evidence-based approach.
While marketers typically focus on winning hearts and minds,
behaviour-led approaches examine the
unnoticed, automatic mental responses
which influence action.
Why it’s valuable:
Why it’s valuable:
Looking more holistically
at how people make decisions in a
specific context
finds opportunities for enhancement
that might otherwise be missed.
Where to apply it:
Optimisation
Finding small tweaks which make people more likely to engage, act or buy.
An iterative approach ideal for repeated comms, sign-ups, apps, sites, purchase processes etc.
Innovation
Re-examining your brand’s interactions with people to find smarter solutions.
Blue-sky thinking about your product, service or marketing, grounded in a contextual analysis of behaviour.
What next?
Go deeper. Read our guide:prime-decision.com/marketing/
Don’t be shy to connect.
prime-decision.com
@PrimeDecision
0117 910 5200
PrimeDecision is an independent strategy company specialising in behavioural economics.