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Behavioral Economics for the Web
 

Behavioral Economics for the Web

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Kam Star presents Behavioural Economics for the Web - a half day workshop on key behavioural economic techniques for engagment

Kam Star presents Behavioural Economics for the Web - a half day workshop on key behavioural economic techniques for engagment

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    Behavioral Economics for the Web Behavioral Economics for the Web Presentation Transcript

    • Behavioural Economics (and social psychology) for the web Mindmelting practitioners and enthusiasts facilitated by Kam Star kam@playgen.com
    • Introducing ourselves… My name, I’m a … ‘job role’ @ company / client I’ve used / would like to use behavioural economics to … This week I listened / watched ….
    • Business about behaviour change
    • Social Proof Tendency of people to assume actions of others or want what others are having.
    • Social Proof :: ASK “How can I convince my visitors they’re not the only person making this choice? “
    • Deeper Social Proof :: Behaviour Heuristics ▶If lots of people are doing it, do it Show directly how many (or what proportion of) people are choosing an option ▶If people like me are doing it, do it Show the user that his or her peers, or people in a similar situation, make a particular choice ▶If people that I aspire to be like are doing it, do it Show the user that aspirational figures are making a particular choice ▶If something worked before, do it again Remind the user what worked last time ▶If an expert recommends it, do it Show the user that expert figures are making a particular choice
    • Loss Aversion The pain felt for a loss is twice as strong as the reward felt from an equal gain.
    • Loss Aversion :: ASK “How can I make my visitors think they’d be losing something valuable if they don’t take action?“
    • Scarcity Tapping into the condition in which our wants appear to be greater than the resources. We place a higher value on an object that is scarce, and a lower value on those that are abundant. We love to feel like we got something special that no-one else (limited number) can get.
    • Scarcity :: ASK “How can I communicate scarcity?“ - Time limited - Quantity limited - ….
    • Anchoring Tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions. (whether it's relevant or not!!)
    • Anchoring :: ASK “How can I use anchoring in my favour?“ Can I anchor a particular price/selection choices?
    • Framing “its not what you say, its how you say it” People react differently to a choice depending on whether its presented as a loss or as a gain. 10% FAT 90% FAT FREE!
    • Framing Imagine that there is an unusual disease outbreak, which is expected to kill 600 people, but you can administer one of the following drugs ; Framing I : A : 200 people will be saved B : ⅓ probability 600 will be saved. ⅔ probability that everyone will die.
    • Framing Imagine that there is an unusual disease outbreak, which is expected to kill 600 people, but you can administer one of the following drugs ; Framing I : A : 200 people will be saved B : ⅓ probability 600 will be saved. ⅔ probability that everyone will die. Framing II : A: 400 people will die B: ⅓ probability that nobody will die. ⅔ probably that 600 people will die. Tversky and Kahneman (1981)
    • Framing Imagine that there is an unusual disease outbreak, which is expected to kill 600 people, but you can do administer one of the following drugs ; Framing I : A : 200 people will be saved : 72% B : ⅓ probability 600 will be saved. ⅔ probability that everyone will die. : 28% Framing II : A: 400 people will die : 22% B: ⅓ probability that nobody will die. ⅔ probably that 600 people will die. 78% Tversky and Kahneman (1981)
    • Framing the Price 1 : £5 for product + Free Shipping 2 : £2.50 for product + £2.50 shipping 3 : FREE product! (+ £5 shipping)
    • Framing the Price 1 : £5 for product + Free Shipping 2 : £2.50 for product + £2.50 shipping 3 : FREE product! (+ £5 shipping) >80% selected this!
    • Framing :: ASK “How can I frame the proposition in terms of a gain or a loss?“
    • Decoy Effect We tend to have a specific change in preference between two options when also presented with a third option that is ‘asymmetrically dominated’. Rome Rome with Coffee Paris with Coffee
    • Decoy Effect
    • Decoy Effect
    • Decoy Effect
    • Decoy Effect
    • Decoy Effect 87% 74% makes almost twice as much income!
    • Choice Paralysis Faced with more options, we tend to make less decisions! Shoppers who stopped 6 kinds of jam 24 kinds of jam 40% 60%
    • Choice Paralysis Faced with more options, we tend to make less decisions! Shoppers who stopped 6 kinds of jam 24 kinds of jam 40% 60% Shoppers who bought jam 30% 3%
    • the other 42* * its not an academic 42, but listed as a mnemonic