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Is Behavioral Economics Really a Game Changer for Marketers?

Much has been written, and said, lately about the impact of behavioral economics on marketing. Some pay no attention to it, some fear it and some adapt it to their own particular cause. But, in reality, does behavioral economics really change anything?

Read more about this at the CMA Blog. Click here (or anywhere, actually)

Filed under: Behavioral Economics, , , , , , , , , ,

The Secret of Life Revealed

“When we think about it, nothing is as important as we think it is when we think about it.”

This delightful sophism is an extension of the original quoted by Ogilvy UK Vice Chair Rory Sutherland in a discussion published last August in Research (Questioning the Nature of Research). The quote is attributed to a certain Paul Dolan who is identified as “the government’s well-being advisor” (presumably the UK government as no North American government in power is particularly interested in well-being unless it is of the financial kind.  To be fair to the good Mr. Dolan, I added the first “when you think about it” in order to create a certain mind-fuckness about the thought.

Actually, the Sutherland piece came to our attention via a LinkedIn post that posed the question posted by Edward Appleton: “What’s market research’s response to behavioural economics?“.  Also worth reading.

Filed under: Behavioral Economics, , , , , , , , , , ,

Behavioural Economics and Research: Cognitive Illusions

Understanding how our brains work and the limitations of reality is essential to understanding the reasons people do what they do (which is, at the end of the day, the underpinning of all brand work).

Cognitive illusions, which Dan Ariely describes more cogently than anybody I have ever heard, are an important component of what makes our world real to us, but maybe not so real in real reality.

 

Dan Ariely – Market Research – Predicting The Irrational.

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