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Five pitfalls of behavioural economics

 

There is plenty of upside in applying behavioural science, but there are five pitfalls that you should know about too. 

In this video I’m going to take you through the 5 pitfalls of behavioural economics, and how to avoid them.

Pitfall #1. Thinking it only applies to customers

Behavioural economics is the study of how emotional, social and cognitive biases and heuristics impact behaviour. 

Behaviour is the operative word here, because the same forces that impact your...

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Is this manipulative?

What do you think of this?

It’s the product order page for a pet supplies website.

More specifically, what do you think about the auto delivery being defaulted?

Well, from personal experience I can tell you it is difficult to recognise you are committing yourself to auto-delivery and this inadvertent decision only occurs to you when boxes of Chicken Breast keep appearing on your doorstep.

So, is this business manipulating its customers?

Is nudging manipulative?

It’s an important...

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Three hard truths about customer behaviour

 

There are three hard truths about your customer.

  1. They write the script
  2. They are the hero of their story, and
  3. They run on batteries

The accompanying article is available on my blog archive: https://blogbriwilliams.wordpress.com/2018/08/03/three-truths-about-people/

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