Behavioural Economics: Inviting Marketers to Experiment
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Behavioural Economics: Inviting Marketers to Experiment

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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. ...

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.

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  • 1. Behavioural economics: Inviting marketers to experimentCopyright © 2012 PrimeDecision
  • 2. Understanding of behavioural economics
  • 3. Understanding of behavioural economics So far, the focus has been on general principles, not on how to start applying behavioural economics to marketing.
  • 4. What do marketers really need to know?  Behavioural economics thrives in a measurement-focused, experimental marketing environment.
  • 5. Applying behavioural economics =  Using scientific insights to inform tactics and strategies which improve marketing’s performance.
  • 6. Applying behavioural economics =  Methodically testing hypotheses through an experimental, evidence- based approach.
  • 7. Why it’s valuable: While marketers typically focus on winning hearts and minds, behaviour-led approaches examine the unnoticed, automatic mental responses which influence action.
  • 8. 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.
  • 9. Where to apply it:  Optimisation  Innovation Finding small tweaks which Re-examining your brand’s make people more likely to interactions with people to engage, act or buy. find smarter solutions.  An iterative approach ideal  Blue-sky thinking about your for repeated comms, sign- product, service or ups, apps, sites, purchase marketing, grounded in a processes etc. contextual analysis of behaviour.
  • 10. What next? Go deeper. Read our guide: prime-decision.com/marketing/
  • 11. PrimeDecision is an independent strategy company specialising in behavioural economics. Don’t be shy to connect. prime-decision.com hello@prime-decision.com @PrimeDecision 0117 910 5200