Introduction to Behavioral Economics & Consumer Psychology

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 that some of us might have dreadful memories of.

This is just a starter to our Behavioral Economics & Psychology in Marketing Masterclass, but it is packed with useful and actionable knowledge.

You will experience the best of our four speakers Dan, Rory, Sam, and Matej as they show you the 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 that 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.

It's not that less is always more. Too many choices are bad but taking away options has to be done with the 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 that employ the “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 mind-blowing 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 your taste for knowledge for Behavioral Economics and Consumer Psychology is not satisfied.

Let us know your thoughts :))