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James Caig
Deputy Head of Strategy, MEC
@jamescaig
seewhathappensblog.com
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
Classical                Behavioural
economics                 economics

  People are rational        Decision-making is
beings always striving   irrational, emotional, and
 for the best possible    influenced by a range of
outcome for the least          conscious and
    possible effort         unconscious factors
ALL   use misleading rules
      of thumb
      care disproportionately
OF    about what others do
      respond to the way
US    choices are presented
Framing

People make
decisions based on
relative not absolute
information
online ONLY           $59    68%   16%



magazine ONLY         $125         0%



online AND magazine   $125   32%   84%
Loss
  aversion
People work
harder to avoid
losing things than
they do to gain
them
Scarcity value


People perceive
things to have
more value the
more scarce and
harder to obtain
they are
Chunking

People are more
likely to complete
tasks when
they’re broken
down into little
steps
People don’t think how they feel,
they don’t say what they think,
and they don’t do what they say

                  David Ogilvy
There is no pleasure gauge.
           All we have is comparison
              between similar things.
Marketing can help consumers
make the ‘right’ comparison, and
build a choice architecture which
makes the right choice easy

Nick Chater, IPA, Professor of Behavioural
       Science, Warwick Business School
1           Decision-
                         3
            making and
   How
            the public
  brands                 Where
              agenda
   have                  next?
responded




             2
1
   How
  brands
   have
responded
Behavioural economics (and beyond: a presentation to Which? magazine
Challenging value
conventions
Re-framing in Retail
Dine in for two for £10


£10 off your next pizza


Waitrose Essentials
New purchase
levers
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
Context over content
Behavioural economics (and beyond: a presentation to Which? magazine
Brand stories and
simple actions
Behavioural economics (and beyond: a presentation to Which? magazine
Decision-
making and
the public
  agenda




 2
Behavioural economics (and beyond: a presentation to Which? magazine
We can give citizens more or better information.
          We can prompt people to make choices that are in
           line with their underlying motivation. And we can
           help to encourage social norms around healthier
                                                  behaviours.

This new approach represents an important part of the
Coalition Government’s commitment to reducing
regulatory burdens on business and society, and achieving
its policy goals as cheaply and effectively as
possible. It is also part of the Government’s
answer to how we can spend public money
more effectively.

                Applying behavioural insight to health,
        Cabinet Office Behavioural Insights Team, 2011
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
THE POWER OF THE CROWD
Consumers
working together
for a better deal

                    Protecting consumer feedback
                    and improving public sector
                    choice tools

Better access to
performance and
complaints data
THE POWER OF INFORMATION
              Making informed
              choices easier




              Richer information
              for important
              choices
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
3
Where
next?
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
As tools, technologies
           increase people’s ability
           to perform a target
           behaviour by making it
           easier, or restructuring it


BJ Fogg, Persuasive
Technologies, 2002
The psychology of UX
        1) People will do the least amount of work possible to get a task done

        2) People have limitations

        3) People make mistakes

        4) Don't make people remember things from one task to another

        5) People look to others for guidance on what they should do, especially
           if they are uncertain

        6) People are easily distracted

        7) People need feedback

        8) Committing to a small action makes people much more likely to later
           commit to a larger action

http://uxmag.com/articles/the-psychologists-view-of-ux-design
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine
Making behaviour visible makes
   participation more likely
Behavioural economics (and beyond: a presentation to Which? magazine
Behavioural economics (and beyond: a presentation to Which? magazine

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Behavioural economics (and beyond: a presentation to Which? magazine

  • 1. James Caig Deputy Head of Strategy, MEC @jamescaig seewhathappensblog.com
  • 4. Classical Behavioural economics economics People are rational Decision-making is beings always striving irrational, emotional, and for the best possible influenced by a range of outcome for the least conscious and possible effort unconscious factors
  • 5. ALL use misleading rules of thumb care disproportionately OF about what others do respond to the way US choices are presented
  • 6. Framing People make decisions based on relative not absolute information
  • 7. online ONLY $59 68% 16% magazine ONLY $125 0% online AND magazine $125 32% 84%
  • 8. Loss aversion People work harder to avoid losing things than they do to gain them
  • 9. Scarcity value People perceive things to have more value the more scarce and harder to obtain they are
  • 10. Chunking People are more likely to complete tasks when they’re broken down into little steps
  • 11. People don’t think how they feel, they don’t say what they think, and they don’t do what they say David Ogilvy
  • 12. There is no pleasure gauge. All we have is comparison between similar things. Marketing can help consumers make the ‘right’ comparison, and build a choice architecture which makes the right choice easy Nick Chater, IPA, Professor of Behavioural Science, Warwick Business School
  • 13. 1 Decision- 3 making and How the public brands Where agenda have next? responded 2
  • 14. 1 How brands have responded
  • 18. Dine in for two for £10 £10 off your next pizza Waitrose Essentials
  • 28. We can give citizens more or better information. We can prompt people to make choices that are in line with their underlying motivation. And we can help to encourage social norms around healthier behaviours. This new approach represents an important part of the Coalition Government’s commitment to reducing regulatory burdens on business and society, and achieving its policy goals as cheaply and effectively as possible. It is also part of the Government’s answer to how we can spend public money more effectively. Applying behavioural insight to health, Cabinet Office Behavioural Insights Team, 2011
  • 32. THE POWER OF THE CROWD Consumers working together for a better deal Protecting consumer feedback and improving public sector choice tools Better access to performance and complaints data
  • 33. THE POWER OF INFORMATION Making informed choices easier Richer information for important choices
  • 40. As tools, technologies increase people’s ability to perform a target behaviour by making it easier, or restructuring it BJ Fogg, Persuasive Technologies, 2002
  • 41. The psychology of UX 1) People will do the least amount of work possible to get a task done 2) People have limitations 3) People make mistakes 4) Don't make people remember things from one task to another 5) People look to others for guidance on what they should do, especially if they are uncertain 6) People are easily distracted 7) People need feedback 8) Committing to a small action makes people much more likely to later commit to a larger action http://uxmag.com/articles/the-psychologists-view-of-ux-design
  • 45. Making behaviour visible makes participation more likely