Behavioral Economics and Neuromarketing
- 1.5 hours on-demand video
- 4 articles
- 4 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- 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
- increase sales of your products using nudges
- There are no prerequisites for this course
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.
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"I'm aware of the influence advertising has on us all therefore, the more I realise this the more I want to know how this is done and why we just, can't help ourselves! Great examples, that give a clear understanding of the practices used to 'nudge' us into our purchasing decisions. " Sabrina C.
This course is suitable for professionals such as; entrepreneurs, product managers, marketing specialists, campaign managers, pricing experts, service designers and user experience experts or; for anyone who wants to make more logical decisions about their decisions in life.
The topics we will cover in this course are;
An introduction to consumer behavior and human biases
Power of Sound in Purchase Behaviour
Anchoring, Decoy Effect
Status Quo, Goal Gradient Effect
How to name,display and price your products
Framing, Decision point intercepts, Planning Fallacy
Mental Accounting, Sunk Cost Effect, Choice Overload
How to structure your own experiments and Nudge Samples
Psychological Tricks To Make People Like You
This course will have a big impact in your professional career as well as your personal life.
- This course is suitable for entrepreneurs, product managers, marketing specialists, campaign managers, pricing experts and user experience experts.
This lecture is to give answers to your questions like, what is this course about? what will you achieve when you finish the course?
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.
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.
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
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.
Christopher Wylie, who worked for data firm Cambridge Analytica, reveals how personal information was taken without authorisation in early 2014 to build a system that could profile individual US voters in order to target them with personalised political advertisements.
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.
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.
22.05.2020 update: We have just added a very interesting experiment on "Heads or Tails: The Impact of a Coin Toss on Major Life Decisions and Subsequent Happiness" from Steven D Levitt. One of the most interesting papers released recently.