Behavioral Economics & Consumer Psychology in Marketing
- 1.5 hours on-demand video
- 3 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- The nitty-gritty of the 3 of the most powerful psychological principles (Loss aversion, Fairness, Choice overload)
- Different ways of how to apply each of them into your ads, landing pages, emails, sales funnels, and everything in between
- Dos and don’ts for each principle, (especially what to beware of so that you don’t sound gimmicky)
- How to reframe your message to get your foot in the door
- How to present your offer in a way that makes people click
- How to come up with solutions and ideas you otherwise wouldn't think of but have the potential to change your world forever
- There are no course requirements or prerequisites for this course. What you'll need is a notebook or pen and paper to take notes.
Through this excerpt from our Masterclass you discover some of the most counterintuitive and surprising findings from consumer psychology and behavioral economics to increase conversions.
You’ll get a wholesome, well-rounded understanding of how to apply 3 of the most powerful psychological principles to improve your business results. It's packed with useful tips, fun facts and even anecdotes so that learning is not dull and guess what? Remembering it is a lot easier this way.
Your instructors? Four of the top experts in the field RORY SUTHERLAND, SAM TATAM, MATEJ SUCHA, and one VERY Special surprise guest.
This Udemy course contains some of the best parts of the complete MINDWORX Academy Masterclass Behavioral Economics & Psychology in Marketing.
But hey, there’s more! Additional 11 chapters! So if you want to learn the rest, get it on the Masterclass website.
After purchasing this course excerpt on Udemy, you will receive a 35% discount coupon for the Complete MINDWORX Academy Masterclass. Sweet deal, right? (check it out on Masterclass website).
The topics we will cover are:
Introduction to the Behavioral Economics & Consumer Psychology
The practical use of Behavioral Economics in business, marketing activities, and shaping better solutions for your customers
Fascinating examples of the use of psychology and behavioral economics in Marketing (by Rory Sutherland)
A few simple tricks that business owners can use to justify a higher price. We want prices which feel fair otherwise we won't buy. Yet the way we assess fairness is quite arbitrary.
One of the most powerful principle - Loss Aversion and specific case studies how it's been used to increase conversions (by Matej Sucha)
The power and danger of Choice Overload (by Sam Tatam)
Mind-blowing case study by Ogilvy for KFC with the aim to increase sales of potato chips (by Sam Tatam)
A beautiful illustration of the power of behavioral insights - unexpected results achieved by a simple direct mail campaign from another case study for a charity organization in the UK
To get the most out of the Masterclass, first, watch the video and then read the corresponding eBook. It's full of additional case studies and examples which will help you grasp every nuance of the principle.
''We do growth marketing and have a lot of experience with increasing conversions but this course was the missing piece for us. It’s full of eye-opening insights and practical examples but most of all it‘s a step-by-step guide on how to apply them into practice.''
- Diederik Gerbranda, Growth Marketer at Scaleup Marketing
''Perfectly crafted, well-articulated, highly engaging and enriching program. This is one of the finest online programs I have come across. The case-studies and examples are elaborate and make it easier to understand BE concepts. I found the content informative and it has been designed in a manner such that it kept me engaged throughout.''
- Vinita Singh, Senior Research Executive at Nielsen
Certificate of completion:
You'll be issued a certificate of completion after finishing the course. Which you can (and should) easily add to your LinkedIn profile.
This course is right for you, if:
You’re a business owner or run an e-commerce site and struggle to raise conversion rate and average order value and is tired of trial and error and is ready to get inspired
You’re a Conversion and UX specialist who wants to learn the psychology behind why people buy
You’re a Copywriter who wants to enhance their skillset and become more versatile
You’re a Strategist and Planner who needs to understand what’s behind your customer’s decisions and how to influence them
You’re a Behavioral Economics fan who wants to see how it can be used to solve real-life problems
- Conversion and UX specialists who want to learn the psychology behind why people buy
- Copywriters who are eager to learn what to write and how to write it so that it converts
- Strategists and Planners who need to understand what’s behind their customer’s decisions and how to influence them
- Behavioral Economics fans who want to learn from the best in the field
Welcome, a fellow curious soul, thank you for choosing Behavioral Economics and Consumer Psychology in Marketing!
We know there is a great deal of courses online and we are on cloud nine that you’ve decided to take this journey with us. We’ll ride like Aladdin on a magic carpet and promise it’ll be a smooth ride.
This is an overview of online Masterclass, but with that said, it's not a school class which some of us might have dreadful memories of.
This is just starter to our Behavioral Economics & Psychology in Marketing Masterclass, but it is packed with useful and actionable knowledge.
You will experience best of our four speakers Dan, Rory, Sam and Matej as they show you amazing world of Behavioral Economics and Consumer Psychology and its application in your professional or personal life.
Now, let’s begin…
Marketing is sometimes just like cosmetic surgery, while Behavioral Economics has all the tools to become a general hospital. Learn what is Behavioral Economics about and how this science of how customers behave and what makes them tick can make all the difference.
Everybody is looking for the “moon shots” which will revolutionize marketing. Rory’s view is that it’s not technology which will revolutionize marketing as we know it today but something else.
“My experience of marketing over 30 years is - If you find out something that works, try testing the opposite because that might work as well.”
Dan explains why we consider a price to be more fair when visible effort is involved, and reveals a few simple tricks that business owners can use to justify a higher price.
We want prices which feel fair otherwise we won't buy. Yet the way we assess fairness is quite arbitrary.
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 it works? It's all about the so called, Endowment effect which helped us increase job ad conversions by 57%.
It's not that less is always more. Too many choices are bad but taking away options has to be done with precision of a watchmaker. Learn how and what to do when you, in fact, can't cut down anything.
Anyone who has picked flooring for their living room, will testify that having to choose from 156 options sets one on a journey of headache and prolonged dissatisfaction. Granted we were able to choose, but sometimes we just bail.
What’s there to do when dealing with choice overload? Frankly much more than just having to cut the options down.
Learn about examples which employ “but you are free” effect, Choice closure or Chunking. All these can have a great impact on the ease with which we choose and how happy we are about it. Chinese restaurant menus could tell stories and they certainly do.
Do you have any idea how many french fries are sold by KFC every day? Imagine they found a way to increase this number just by a tiny fraction. It would account for … well, a lot of additional profits. Sam and his team were hired to do exactly that.
In this mindblowing case study Rory talks about a simple direct mail campaign with unexpected results. A huge proponent of testing, Rory and his team designed several versions of their direct mail and the results showed something interesting. This is a beautiful illustration of the power of behavioral insights.
So this is it. You’ve made it till the end of our little taster.
We hope you’ve enjoyed every minute of the course and that you’ve learned a lot and that taste for knowledge for Behavioral Economics and Consumer Psychology is not satisfied.
Let us know your thoughts, what you liked most.
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Team MINDWORX Academy