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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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Why asking customers can lead you astray

 
 
If I had to boil down the biggest problem businesses have, it would be this.

Listening to people.

I totally get it.

It's compelling when a customer tells you what would make them buy your product, a staff member tells you what would make them happier and more productive, or a stakeholder tells you what would make they sign off on your idea.

Straight from the horse's mouth, so to speak.

We rush to send out employee engagement surveys and customer questionnaires. We run polls and focus...
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