Behavioral Economics and Neuromarketing

Learn how to affect the decision making flows and increase sales/usage of your products and services.
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  • Lectures 11
  • Length 1 hour
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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    Available on iOS and Android
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About This Course

Published 10/2016 English

Course Description

How do people decide what to buy in supermarkets? Why do luxury car brands give TV advertising? How can you get honest information from your users in an online survey? In this course you will learn different theories on how to affect the decision making flows of consumers in the way we want them to decide. You will learn psychological backgrounds of these behaviours and real life examples proving these behavioural rules. You will also learn how to structure your own experiments and run A/B tests to make critical decisions about your products. This course is suitable for entrepreneurs, product managers, marketing specialists, campaign managers, pricing experts, service designers and user experience experts.

  1. An introduction to consumer behavior and human biases

  2. Scent Marketing

  3. Power of Sound in Purchase Behaviour

  4. Anchoring, Decoy Effect

  5. Status Quo, Goal Gradient Effect

  6. How to name,display and price your products

  7. Framing, Decision point intercepts, Planning Fallacy

  8. Mental Accounting, Sunk Cost Effect, Choice Overload

  9. How to structure your own experiments and Nudge Samples

  10. Psychological Tricks To Make People Like You


What are the requirements?

  • There are no prerequisites for this course

What am I going to get from this course?

  • affect the decision making flows of consumers
  • structure your own behavioral experiments
  • run A/B tests to make critical decisions about your products
  • apply neuromarketing rules to your products or marketing campaigns for better monetization
  • optimize pricing based on biases
  • learn how human brain makes decisions

What is the target audience?

  • This course is suitable for entrepreneurs, product managers, marketing specialists, campaign managers, pricing experts and user experience experts.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
02:28

This lecture is to give answers to your questions like, what is this course about? what will you achieve when you finish the course?

05:06

Learn what behavioral economics is and what can be achieved by using the theories with real examples. Also see some examples on how to manipulate our brains using neuroscience theories.

3 questions

2 question quiz for the introduction lecture

Section 2: Behavioral Economics
15:44

The concept of anchoring draws on the tendency to attach or “anchor” our thoughts to a reference point — even though it may have no logical relevance to the decision at hand. It is an art of how you ask the question, how you set the anchor.

The decoy effect (or asymmetric dominance effect) is the phenomenon whereby consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated.


Anchoring & Decoy Effect
1 question
02:54

In this course we will go through 3 human biases; Status Quo, Goal Gradient Effect and Expectancy Effect. We will dive deep in the relation between the expectancy effect and customer satisfaction

Status Quo, Goal Gradient Effect, Expectancy Effect
2 questions
08:59

Suppose you have a serious heart disease and your doctor offers you a risky operation. In a research made on doctors, they tend to recommend the operation when they are given the statistics as;

«Of one hundred patients who have this operation, ninety are alive after five years»

However less doctors recommend the operation when they are given the statistics as

«Of one hundred patients who have this operation, ten are dead after five years»

In this lecture we will study 2 behavioral economics principles; Framing and Decision Point Intercepts (DPI) and one human bias about planning; Planning Fallacy

Framing, Decision point intercepts, Planning Fallacy
2 questions
06:22

Now imagine you have 100 dollars and you buy a ticket for a musical for 50 dollars. Just before you go to the venue you realize that you lost the ticket. Would you buy a second ticket for the same price?

The sunk cost effect is the tendency for humans to continue investing in something that clearly isn't working. Just because they invested an initial.

In this course we will study mental accounting, sunk cost effect and choice overload. We will have examples of their daily usages not only in products and services but also to make a better world, to help people achieve their goals.

Mental Accounting, Sunk Cost Effect, Choice Overload
1 question
Section 3: Senses
06:07

The first usage of scent marketing goes back to real estate brokers in US started to put different smells before the candidate buyer visiting the house. This lecture will show you the latest trends in scent marketing in retail.

03:27

When businesses use music and sounds in their promotions one of their objectives is to encourage the listener to associate a particular sound with an organisation so that it can be used to reinforce the brand.

We will see famous brands' usage of sound, such as McDonald's or Intel.

06:55

This lecture will show very practical and easy to implement tools to choose a name, display and price your products.

5 questions

Quiz includes the following lectures;

Scent Marketing

Power of Sound in Purchase Behaviour

How to name, display, price products

Section 4: Experiments
Article

Experiment samples and how to structure your own experiments. In this section you will learn real life examples of field experiments on decision architecture. 

This section does not have video lectures. You need to study the "Field Experiments And ANOVA" attached as an Article Content and read the Nudge Database in the external contents area.

Section 5: Psychological Tricks in Daily Life
08:41

When you try to sell a service, you need to sell yourself before trying to sell the service. It all depends how much your client trusts and likes you.

In this lecture we will mention some psychological tricks to make people like you and buy from you.

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Instructor Biography

Can Huzmeli, Director - ICAN Consultancy

Having worked 11 years in IT industry, now I run a consultancy company on agile product management and behavioral economics in product management, based in London. Now I can consider myself as a pioneer and evangelist of behavioral science.

I have certifications on Behavioral Economics from reputable universities and have been implementing my own field experiments in IT domain. I have given lectures on Behavioral Economics in a few universities as a guest lecturer  (London Metropolitan University, Hacettepe University, Yeditepe University).

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