In today’s busy and fast paced world, there are numerous pieces of content that compete for our attention. Bombarded with information and advertisement from all sides, only the best and most carefully curated pieces of marketing are truly able to catch our interest. In Nudge Marketing read about how the concepts of behavioural science are incorporated in the field of marketing. In Applying Behavioural Science in Marketing, the author discusses about the practical applications of concepts such as status quo bias, bizarreness effect and reciprocity bias.
A major concern with application of insights from behavioural studies is the subjectivity of the results derived from experimentation. Unlike live sciences, the results of experiments in social sciences cannot always be perfectly replicated. Companies are often left with questions about the technique and tools it can employ and if it is a worthwhile investment. Read Neuromarketing: What you need to know, to get an idea about the answer to these pertinent questions. In The Marketing Case-Study of Centuries of Monopoly, the author describes how one of the most loved chocolate brand; Cadbury, uses neuromarketing techniques to hook its customers.
Numerous issues have been raised about the ethicality of using insights from psychology to target consumers, especially in the light of burgeoning consumer debt crisis. In When Neuromarketing Crosses the Line, three eminent researchers from varied field of marketing, philosophy and neuroscience throw light on the ethical dilemma of the increasing use of neuromarketing.
With research confirming that upto 95% of our decisions are made unconsciously, neuromarketing is the way forward. In Neuromarketing: The New Science of Consumer Decision, Dr. Wu explains how our thoughts, memories and feelings change our experience with products by giving the example of why rebranding of Coke failed massively.
When Trust takes away from Effective Collaboration
Is trust really the key to success for effective team work and collaboration? With the fast-changing environment we now live in, cross-collaboration between teams is becoming an every day feature of work. In such situations is it beneficial for the leader to focus on building trust among individuals to improve outcomes? Read on this article to find out how overemphasis on trust building can lead to behaviour with the aim of appearing trustworthy and how it can act as a hindrance in the path of collaboration.
Behavioral Jurisprudence: Law Needs a Behavioral Revolution
The legal system is perhaps one of the most important feature of any society. The Laws are one of the most important behavioural system which exists at large; they are designed to incentives what is deemed acceptable behaviour and fend off harmful actions. Yet knowing all this, the legal system at large lacks behavioural training. Read on to find out about the growing body of thought on the need of incorporation of behavioural sciences in the field of law and why it is the way forward.
Behavioral Segmentation: A new approach to defining your customers
“Know your customer!”, a phrase that has stood the test of time in the world of marketing. Marketing segmentation has been a common practice across different industries; using demographic features and aggregating buyers into smaller segments has been the go-to strategy for more than a decade now. However, there are a variety of factors which impact how we make decisions consciously and unconsciously; to take in account all these there is a necessity to club buyers on basis of their behaviour rather than demographic. Read on to find out how behavioural segmentation differs from marketing segmentation and how it is applied in real life.
How the Invisible Influence of Culture Shapes Our Behaviour
Cultural difference is possibly the most shocking experience for first time travellers. Different countries have different cultural norms which in turn impact the aggregate behaviour of individuals as well as the collective behaviour of the society. Whether a culture is “loose or tight” depends on numerous factors including the level of threat which is faced by a country in the past. Listen to this episode by the Behavioural Grooves with Michele Gelfand to see how such societal features impact how a nation acts in times of crisis.
You can also take the following quiz to have a better idea about whether you fall on the tight or the loose side of the behavioural spectrum.
Mental Models for Business Decisions
Modelling is by far one of the most important tool which is used in almost every field; taking into account various parameters and past behaviour and data, one can successfully try to decipher the possible outcomes of future actions. However, what should be done when these seemingly accurate models fail to work? How to know if it is time to give up on models and when to make changes to it? Listen to this episode by The Decision Corner with Roger Martin, former dean of the Rotman School of Business to know the importance of writing down the reasoning for expected behaviour at each step of decision making.
Online Fraud, peace building, road safety & synthetic data
How do we make roads more safe for pedestrians, given the ever increasing fatality rates? What is synthetic data and how can it be beneficial in this light of the recent focus on data privacy of individuals? With 780,000 people per year falling victim to online phishing, explore some interventions designed to combat online fraud in France. Explore some of the applications of Behavioural Sciences by looking at the recent work done by the Behavioural Insights team in this episode of Inside the Nudge Unit.
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Brought to you by India Behavioural Economics Network
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Editors: Nehal Kaul, Junofy Anto Rozarina