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Building Better Products with Behavioral Economics at #ProductSF


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Cast Study/Ignite talk about Behavioral Economics and at #ProductSF 2014. By Vince Maniago

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Building Better Products with Behavioral Economics at #ProductSF

  1. 1. Building Better Products with Behavioral Economics Vince Maniago @uvince #productsf #minted
  2. 2. Mint by the Numbers 15 Million Registered users 5 Billion transactions tracked & categorized last year Mint sees over 2% of the value of GDP annually (US) #productsf @uvince
  3. 3. “People typically intend to forfeit small, immediate gains for larger rewards in the future, but they often fail to make the optimal choice at decision time.” - Kirby and Herrnstein 1995 #productsf @uvince
  4. 4. “"Our emotional brain wants to max out the credit card, order dessert and smoke a cigarette. Our logical brain knows we should save for retirement, go for a jog and quit smoking” - McClure et al
  5. 5. Jump$tart Coalition Testing exiting high school & college students each year Goal is to measure and improve financial literacy 50% of college and 68% of HS failed a basic financial survey #productsf @uvince
  6. 6. There was no difference in the responses between users who had exhibited either good or bad financial behavior. #productsf @uvince
  7. 7. Problem Users can get stuck in the Mint registration process when it comes to adding their 1st bank Hypothesis We can use one weird trick to help users complete their sign-up and become an active user. #productsf @uvince
  8. 8. +32% from 1 extra email ✓ Love of Free ✓ Anchoring ✓ Hot vs. Cold States #productsf @uvince
  9. 9. Hypothesis “Users can be persuaded to update their bank credentials depending on their promotion or prevention focus.” This intrigued everyone…except the experts. #productsf @uvince
  10. 10. Promotion-focused people see their goals as creating a path to gain or advancement and concentrate on the rewards. Prevention-focused people, in contrast, see their goals as responsibilities, and they concentrate on staying safe.
  11. 11. #productsf @uvince
  12. 12. Account Alert: Don’t miss a transaction, update your Mint account today. vs Get your full financial picture from Mint – fix your broken account today. Prevention beats Promotion nearly 3-to-1 #productsf @uvince
  13. 13. #productsf @uvince
  14. 14. #productsf @uvince ✓ Love of Free ✓ Social Impacts ✓ Loss Aversion
  15. 15. #productsf @uvince ✓ Self control facilitation ✓ Bandwagon Effect ✓ Hyperbolic Discounting The Enemy:
  16. 16. #productsf @uvince
  17. 17. How can we use to {goal}? #productsf @uvince Gear up Arm yourself with mailchimp,optimizely, google analytics, mixpanel, omniture, dropbox, etc.
  18. 18. Optimize your A/B before you test with crowdsourcing #productsf @uvince
  19. 19. #productsf @uvince