The Choice Factory: 25 behavioural biases that influence what we buy

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Consumers believe that products involve a trade-off: improved eco-friendliness entails corresponding loss in cleaning efficacy. – You need to investigate the set of expectations associated with your positioning. I specialise in applying behavioural science to marketing. In 2018 I set up Astroten, a company that helps brands such as Google, Mondelez, BrewDog and Barclays apply behavioural science to solve their challenges. Astroten offers a mix of services: from consultancy to copywriting to training. It’s better to base marketing decisions on experiments of Nobel Laureates than on the opinion of the most eloquent person in the board room. Flaunt your flaws — cf the VW Beetle advertising (“It’s ugly but it gets you there”), Avis (“We’re nos 2”), Guinness (“Good things come to those who wait”). Prove to your clients why sameness is not safe but deadly — Clients like past examples to support a campaign. But the very nature that a past example exists proves it should not be done.

In THE CHOICE FACTORY Richard Shotton pays homage to the intrepid pioneers of Behavioural Economics, exploring the psychological shortcuts we (as makers of 35,000 daily decisions) take. The book contains 25 tight chapters, each covering a cognitive bias from mood to confirmation, media context to price. Discounters beware — The more often you discount, the more that discounted price become the new norm. Sir Martin Sorrell once said, “Promotions are like bad cholesterol: they boost sales but at a cost to brand health”. The Illusion of Choice identifies the 16½ most important psychological biases that everyone in business needs to be aware of today – and shows how any business can take advantage of these to win customers, retain customers and sell more. Richard began his career in marketing twenty-one years ago before setting up his own company, Astroten. Astroten help clients such as Google, Facebook, Sky, BrewDog and Mondelez apply findings from behavioural science to their marketing. One size fits all – Part of its appeal is that it offers a simple recipe for success: an off-the-shelf solution that works regardless of the nuances of the brand or category.They were so focused on the pressing engagement that it crowded out their ability to fully process other information. Behavioural science is one of the most exciting areas of business writing, and this is one of the rare books that makes it not only accessible but usable. NPD and Product Research Market research is essential if you want to ensure your new ideas and products are successful. Talk to our innovation experts today. Latest News & Resources We hope you find our resources useful. With all our latest news, white-papers, glossaries we have a wealth of information. Can’t find what you’re looking for? Talk to our experts today! What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention.

People dont think about how they feel. People dont say what they think. People dont do what they say” One theory is that our limited cognitive capacity means that our memory is saturated by the earliest items and our ability to store later information is compromised. Book Genre: Buisness, Business, Communication, Design, Economics, Language, Nonfiction, Psychology, Sociology In contrast, ads watched in groups of three and six were reported to be 21% and 10%, funnier than those watched alone. Of course, there are rare occasions when you can’t avoid rejecters. Perhaps they’re such a large or vocal group that ignoring them jeopardises your future. In this scenario, the solution is to target them when they’re distracted.Ad design suffers because the way brand managers approve ads is at odds with how consumers experience them. Over 1,000 voters were asked their view on a proposed new policy. Half were told the policy came from one party. Half from their own party. When the policy was seen to come from their own party, they were significantly more likely to agree with the policy. Insight work doesn’t need to be expensive and it doesn’t need to be complex. There’s no excuse not to better understand the buyer.

Tailor the claim — the closer you can get to identify with the social group, the greater the likelihood of influence — e.g. Costa talks about ‘coffee lovers’ not just drinkers. Instead of just listening to what customers say, it's more effective to look at what they do. There are two types of norm: those referring to how you should behave, called injunctive norms, and those describing how most people behave, known as descriptive normsThere are two types of norm: those referring to how you should behave, called injunctive norms, and those describing how most people behave, known as descriptive norms. Find out if your audience are maximisers or 'satisficers'. – Maximisers want to know that their product is perfect; satisificers want reassurance it won’t be rubbish. Aim to advertise at moments of reflection e.g. nine-enders were more likely to question the meaningfulness of their lives. The Choice Factory is both practical and deeply profound due to Richard Shotton's expertise from extensive research as well as from advertising. Field and Binet’s work for the IPA has revealed short term goals as the key metric has grown from 7% in 2006 to 33% in 2014.

So, two steps: first, find unique ways of identifying your audience. Then, identify the moment when a target audience becomes valuable. 20. The Power of the GroupA key principle of the advancement of scientific knowledge, is that the results from an experiment can be replicated. 270 scientists were asked to replicate 98 published psychological experiments. Only 47% of the studies were successfully replicated (to a set level of statistical significance). In a beautifully ironic twist, scientist have even challenged the veracity of these findings! Advertise at moments of reflection — People become very reflective just before they have a ‘BIG’ birthday (e.g., 30, 40, 50 etc). Many X9ers undertake new behaviours in that year — e.g., there is a 48% greater likelihood to run their first marathon in the X9 years. Sadly, there is also an increase in affairs during these X9 years as well.