03 important takeaways from this lecture:
Tag: behavioral economics
102. Critical Thinking: How Cognitive Biases Influence Consumers Online
100! Critical Thinking: Keys To Critical Thinking & Thinking About Dubious Claims
86. The Negative Effects of Wealth & Success, and How to Exploit Them
To create great work you should be making up your own beliefs as you go along, changing them one day to the next, always pushing against the boundaries of current thinking, trying to escape the confines of conventional wisdom.
Improving customer service is about dealing with expectations and dealing with absolutely crucial points in the process more than just actually trying to improve everything evenly.
The research interview process does more than merely ignore critical components of why people behave as they do, it changes how and what they think.
Consumer.ology by Philip Graves
When we have strong positive emotions about a brand we seek supporting evidence and ignore contradictory facts.
7 unconscious errors we make when buying brands by Douglas Van Praet
Our rational mind is always looking for evidence to support our dominant beliefs…
the stronger the emotion, the stronger the belief, and the greater the tendency to seek out supporting evidence.
This confirmatory bias is why we often overlook the flaws of the ones we love, even if that loved one is a brand.
We focus our attention on the positive qualities of the brand while ignoring the deficiencies.
7 unconscious errors we make when buying brands by Douglas Van Praet
We draw conclusions based upon how the information is presented—not the actual information itself.
An ad for cream cheese that states 95% fat free is more likely to convince us than one that says it contains 5% fat.
The facts are identical but it is the positive spin not the concrete evidence that drives the appeal.
7 unconscious errors we make when buying brands by Douglas Van Praet
Advertising today seems less interested in psychology and the social sciences than it was in the era of the early Mad Men episodes.
This seems absurd to me.
One of the great problems of (advertising) is how oblivious we are to our own prejudices and our own illogical behaviors.
We seem to be able to recognize it in everyone but ourselves.
Rather than simply stating the facts most advertisers typically embed their message into creative contextual devices that evoke feelings and bypass rational resistance.
This is why advertisers use stories, poems, slogans, songs, jokes, pictures, symbols, characters, roles, and metaphors.
They are particularly ripe marketing tools, because they lead the imagination and evoke the feelings that strike at our heart not our head.
7 unconscious errors we make when buying brands by Douglas Van Praet
Laughter itself is a very useful behavioral reference point.
Most people can distinguish genuine laughter from artificially forced good humor if they put their mind to it.
Consumer.ology by Philip Graves
Loss Aversion: we hate losing what we’ve got.
When we copy, we justify it. When others copy, we villify it.
Most of us have no problem with copying – as long as we’re the ones doing it.
The more we are exposed to a brand the more we like it.
The number one drive in human behavior and biology is homeostasis, or the seeking of the same stable, balanced, predictable state.
All consumers find a great deal of comfort and pleasure in what is known and familiar.
7 unconscious errors we make when buying brands by Douglas Van Praet
We make assumptions about the world around us based on sometimes incomplete or false information.
Start With Why by Simon Sinek
You can be conditioned through advertising to choose logically inferior options.
We can even become conditioned to find great pleasure in things that harm us.
7 unconscious errors we make when buying brands by Douglas Van Praet
Whether it is ‘two for one’ or ‘free toy inside,’ promotions are such common manipulations that we often forget that we’re being manipulated in the first place.
Start With Why by Simon Sinek
Advertising works by a process of Unconscious Behaviorism.
We are being conditioned by the media on a deep unconscious level and it is this implicit associative emotional conditioning that drives our brand preferences.
We make decisions by emotional association more so than rational analysis.
7 unconscious errors we make when buying brands by Douglas Van Praet