Behavioural Economics - Learn how psychological, social and cultural factors can be used in your marketing campaigns.
Behavioural Economics is the study of psychology, human behavior and decision-making patterns that drive consumer’s choice. Understanding behavioural economics is important for developing new products or product features as well as input to making better marketing decisions. In this course you will learn how to become a successful marketer by utilising economic and psychology driven insights.
Learn about consumer behavior patterns and psychology and study behavioural economics examples. Understanding how to change your customers’ behavior and mechanisms that drive your customers’ choice will help marketers develop a better value proposition that will fit their target audience.
This course is online and self-led.
Learn about:
- How the study of behavioural science can benefit marketing practices
- How classic campaigns have put behavioural economics into practice to understand behavior patterns
- The EAST framework for nudging behavioural change
- Why using data to understand decision-making is more reliable than opinion
- Assessing and analysing data from your experiments
Course covers:
Module 1: Introduction to behavioural science
- What is Behavioural Economics?
- Why we should use behavioural economics in marketing
- Three ways you could be harnessing behavioural economics
Module 2: 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
Module 3: How some of the most successful campaigns of all time have been based on biases
- De Beers - anchoring
- Nespresso – price relativity
Module 4: Introduction to the Behavioural Economics framework
- Frame works MINDSPACE and EAST
- The government implementation of Behavioural Economics
Module 5: 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
Module 6: How to run a robust experiment
- Setting up your hypothesis
- Understand the context with in the data
- Reach meaningful conclusions
Module 7: 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
Module 8: Make it social
- How consumers look to others when making decisions
- Show how social proof can backfire
- Show how social proof can be used creatively
Module 9: 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
Assessment:
1 one-hour exam.
Who should do this course:
- Marketers with little or no knowledge of Behavioural Economics
- Anyone involved in planning and developing marketing communications
- Taking this course will give you the theoretical and practical underpinning to turn the marketing unpredictable into the predictable.
- You will add the ability to predict patterns of behaviour and habits to your strategic toolkit.
