Marketing is all about gently guiding the consumer to your brand - or nudging them. In order to do this, it is critical to understand the factors which guide the consumers’ decisions. Both marketers and economists understand that these factors are seldom rational and often work at a subconscious level.
Behavioral economics, which is a multi-disciplinary field trying to understand consumer behavior, offers a treasure of clues about the drivers behind consumer decision making.In order to nudge the consumer to your brand, it is important to understand which of these factors operate, in what contexts and circumstances, and how the marketers can harness them in their favor.
These factors include:
- Anchoring and arbitrary coherence - which often guides what price will the consumer accept for your brand.
- Ego depletion - which may suppress the restraining influence of System 2 and result in impulse purchases, determining the design of store layouts.
- Temporal discounting - may make the consumer decide to binge now and pay later.
- Framing and priming - can be utilized to make the consumer desire your brand more ardently, as compared to any other.
- The dichotomy between experiencing and remembering selves - with implications on the design of consumer experience.
- Mental accounting - which may be used to better design pricing and nudge the consumer to premium products.
Brand choice is all about judgment and decision making. Join Ashok Sethi, Head of Illuminera Institute, as he will provide powerful insights into behavioural economics and its impact on your brand performance.
Ashok Sethi, Head of Illuminera Institute
Ashok heads the Illuminera Institute, whose mission is to expand the frontiers of marketing research and provide powerful insights and decision making support to marketing companies.
With over 30 years of experience in market and social research, he has previously headed custom research business of GfK and TNS in China, leading teams of highly skilled and experienced researchers to develop close and consultative relationships with clients.
He has extensive experience in both qualitative and quantitative research and in sectors as diverse as FMCG, Finance, Healthcare, Telecoms, Automotive and social marketing and has worked on a diverse set of projects focusing on consumer insights including the luxury market, the digital evolution, retail trends, youth research and on consumer trends in Asia.
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