“…people don’t think how they feel, they don’t say what they think and they don’t do what they say”
On the surface of it, you’d assume that when we make decisions, we apply logic and reason, especially to buying choices.
But the truth is that’s not how we operate. Daniel Kahneman’s seminal book Thinking Fast and Slow illustrates that we make the majority of decisions using mental shortcuts, known as heuristics. These heuristics are prone to biases.
This means that a lot of our choices are made unconsciously via these heuristics.
The field of behavioural economics probes into precisely what impacts our decision making, so that we can work with human nature and not against it.
Why Behavioural Economics and Marketing?
Whatever kind of marketing we are engaged in, be it educational, brand or campaign focused, our underlying aim is to persuade our audience.
We want to persuade them to feel, believe and think certain things about our brand so that, down the line, they are more open to buying from us, rather than our competition.
Because the field of behavioural economics is effectively the science of changing buyer decisions, it makes complete sense to embrace it within marketing.
Behavioural economics is a very robust discipline – there are a huge number of experiments, backed by academic articles that support the field. This isn’t opinion, it’s science backed fact.
There’s also a lot of breadth to behavioural economics in that there are a very large number of biases that have been identified and understood.
This means that no matter your brand and what you want to tackle, there are very well understood biases to take advantage of.
How We Use Behavioural Economics
Apricot has always operated from a position of providing the best value to clients to grow brands.
Our understanding of behavioural economics (certified by Ogilvy) means that we will see ideas and opportunities that others won’t.
This will help us to create powerful and distinctive work for your brand – purposefully designed to persuade, no matter who you are or the category you work in.