Behavioral Economics & Buyer Psychology- Drivers of Behavior

Name: Behavioral Economics & Buyer Psychology- Drivers of Behavior
Rating: 4.8 (3 reviews)

Learn about Key Drivers of Customer Behavior

Created byMINDWORX Academy

Last updated 3/2022

English

What you'll learn

What’s the most important and overlooked principle in consumer psychology and how to use it
How to use people’s tendency to go with the flow to your advantage and incorporate it in your marketing strategy
Why you should make customers feel like they got something from you before even asking them to buy something or sign up
The easiest strategy to persuade customers – reduce the perceived effort
Why customers are twice as sensitive to losses as they are to gains and how to use this in your communication in unexpected ways

Course content

1 section • 5 lectures • 1h 11m total length

Introduction to Drivers of behavior2:40
Do you remember the space rocket analogy to changing behavior? In order to make a rocket move, you can either add fuel or remove friction. Three of the five principles from this chapter are “fuel principles” and two are “friction principles”.
Matej explains each of the five principles in detail and illustrates them with MINDWORX own case studies and fascinating research summaries.
Uncertainty - The Most Important Principle22:00
Why do we shy away from using self-checkout counters even if the queue is a drag? How does Netflix make a sign-up for a month of the trial so reassuring and transparent?
What does it mean for your business? You’ll learn how we used this concept to boost conversions by 154%.
You know what? This might be one of the most important lessons of this entire course.
The Ingenuity of Social proof21:13
Why do we tend to go with the flow and what does it mean for your marketing? You’ll learn for example why pointing out what the majority isn't doing isn't the right appeal to get more people to join.
You’ll find there are quite a lot of ways to do it better and what to beware of when it comes to nailing down the intricacies of Social proof.
The Power of Loss Aversion21:59
Disenchanting to experience, enchanting to use, that's loss aversion in a nutshell. What's the right appeal? What on the other hand, can backfire?
You’ll find IKEA packs quite a punch in this video; it even has an effect caring its name: The IKEA effect. How to use it, we will tell.
How to make someone feel like they own something before they’ve even purchased it? Why does it work? It's all about the so-called, Endowment effect which helped us increase job ad conversions by 57%.
Case study: Landing Page3:44
The never-ending debate about what makes for a good landing page… Often, details can make a big difference. This case study is exactly about those details.

Requirements

There are no course requirements or prerequisites for this course. What you'll need is a notebook or pen and paper to take notes.

Description

When it comes to changing someone's behavior, you can either add motivation or remove friction. The course is full of case studies and fascinating examples.

The course curriculum consists of 5 lectures:

1. Introduction to Drivers of behavior

Do you remember the space rocket analogy to changing behavior? In order to make a rocket move, you can either add fuel or remove friction. Three of the five principles from this chapter are “fuel principles” and two are “friction principles”.
Matej explains each of the five principles in detail and illustrates them with MINDWORX own case studies and fascinating research summaries.

2. Uncertainty - The Most Important Principle

Why do we shy away from using the self-checkout, especially when the line at the cashier desk is such a drag? How does Netflix make signing up for a free month trial seem so reassuring and transparent? And what does all this mean for your business? You’ll learn how Matej used this concept to boost conversions by 154%.

3. The Ingenuity of Social proof

Why do we tend to go with the flow and what does it mean for your marketing strategy? You’ll discover why pointing out what everybody isn’t doing is not the right appeal to get more people to join. You’ll also find that there are quite a lot of ways to do this better and learn what to look out for when it comes to nailing down the intricacies of social proof.

4. The Power of Loss Aversion

Disenchanting to experience, enchanting to use. That’s loss aversion in a nutshell. What’s the right appeal? And what can backfire?
You’ll find that IKEA packs quite a punch in this video; it even has an effect in its name: The IKEA effect.
How can you make someone feel like they own something before they’ve even purchased it? Why does this work so well? Well, it all comes down to what’s known as the endowment effect, which helped Matej increase job ad conversions by 57%.

5. Case study: Landing Page

The never-ending debate about what makes for a good landing page… Often, details can make a big difference. This case study is exactly about those details.

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Your course instructor is Matej Sucha, a recognized speaker, and expert in applying behavioral economics and consumer psychology in business with notable experience in working with both large corporates and SMBs.

Who this course is for:

Results driven marketers, managers and entrepreneurs who can take advantage of behavioral economics and consumer psychology and boost conversion, increase the effectiveness of a campaigns or improve CTRs. Not half bad, actually!