Behavioural Economics Masterclass

A practical guide to harnessing irrational consumer decisions and making them, if not entirely predictable, then far more intelligible using Behavioural Economics principles.

During this course you will learn:

• Use the principles of Behavioural Economics to develop frameworks for planning and campaigns
• Discover the main frameworks and how to apply these to your role
• Change the context in which you present choices to consumers or customers
• Develop messaging that influences patterns of consumption
• Harness the power of the default option
• Understand how 'mental accounting' affects decision making
• Make 'irrational' consumers more predictable

Course details:

Introduction to Behavioural Economics

• Understanding the major principles
• History, context and background
• BE's place in marketing
• Why now?
• How areas such as personas and CX can be impacted positively

Thinking Styles and Perception

• Thinking fast, thinking slow - systems thinking patterns
• Choices - how too little or too much can impact outcomes
• Neuromarketing: what neuroscience adds to the BE toolkit
• Context - what it stands for

Heuristics and Biases

• What and how do biases materialise
• ...and what that means for marketing
• Selecting the right bias to counter or exploit
• The aims and goals of application in your next campaign
• Mapping techniques to the customer journey

Choice Architecture

• Advertising and social proof
• Framing, decoys and anchors
• Helping to nudge the right outcome
• Reducing the 'pain of payment'
• The Terrible Curse of Knowledge

Frameworks and Models

• The Nudge Unit and origins
• Introducing MINDSPACE and EAST
• How to apply frameworks to marketing
• Third bird and the importance of timing

The Consumer Decision Journey and Goals

• How the decision journey has changed
• Using BE to analyse and modify consumer decisions
• Implicit and explicit goals
• Using goal drivers for segmentation

Who should attend?:

This course is designed for:

• Marketers with little or no knowledge of Behavioural Economics
• Anyone involved in planning and developing marketing communications

Taking this course will give you the theoretical and practical underpinning to turn the marketing unpredictable into the predictable.
You will add the ability to predict patterns of behaviour and habits to your strategic toolkit..

Tutor:

Richard Shotton, Founder, Astroten

Richard Shotton specialises in applying behavioural science to marketing. He has worked in marketing for 23 years and helps brands such as Google, Mondelez and BrewDog with their challenges.

He is the author of The Choice Factory, a best-selling book available in 15 languages, which explains how behavioural science can solve business challenges.

His latest book, The Illusion of Choice came out in March 2023. In 2021 he became an associate of the Moller Institute, Churchill College, Cambridge University.

Other Details:

Location: Virtual Classroom
Member Price: £400
Non-member Price: £450