Behavioral Economics & Buyer Psychology- Choice Architecture

Behavioral Economics & Buyer Psychology- Choice Architecture

Choice architecture can influence what option your customers choose, or if they choose any option at all.

The course curriculum consists of the following lectures:

1. Introduction to choice architecture

• Meet Sam Tatam, behavioral strategy director at Ogilvy Consulting. Awarded strategist, psychologist, and advertising practitioner. Sam explains what is choice architecture, why it’s important and gives jaw-dropping examples of its power.

2. The Power of Friction

• Your customers like everything to go smoothly, but sometimes too smooth won't soothe, but rather make them scoot. You’ll find out why increasing friction for your customers can be a surprising goldmine.

3. The Importance of Salience

• The rules of Salience aren't new. It’s way more than just personalization, as there are interesting and specific ways we can unpack salience to influence decision making; you’ll befriend idiosyncratic fit and salient feedback.

  There’s a way to make an already good deal even sweeter if you design it in a way that feels like it gives your target customer a relative advantage, compared to others. Sam and Uber could tell.

4. Defaults

• Defaults are very powerful for nudging customers towards making a certain choice. They allow us to make a decision without the need to invest too much effort into thinking about it. But with great power comes great responsibility. Using defaults in the right way so that your customers don’t feel like you’re limiting their agency, or power to make their own decisions, can be an art form, which Sam will explain to you in this part.

5. Case study: Creating Healthy Habits by Matej Sucha

• It turns out that diabetes patients have a large portion of their health state in their own hands - by what they eat and how active they are. A simple piece of advice could then be “eat healthily and move a lot” but we all know that changing one’s behavior is far from easy.

  That’s why in this project for a health insurance company we designed an elaborate behavior change strategy with new habit creation at its core.

Sam Tatam will teach you how to present different alternatives and nudge customers to buy.

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What you will learn

• Understand is choice architecture, why it’s important, and get jaw-dropping examples of its power.
• When we shop, we generally like everything to go as smoothly and as easily as possible. But sometimes a process that is too hassle-free can actually harm sales.
• Salience might seem like a pretty straight-forward principle, but you’ll find that there’s more to making your product or service stand out.

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Level: All Levels

Duration: 1.5 hours

Instructor: MINDWORX Academy