Melina receives rave reviews from audiences of all sizes and industries. Her fun, conversational approach is bringing behavioral economics out of academia and into application.
Historically, the brain of the consumer was an unsolvable mystery – an obstacle to be overcome. “Our jobs would be easy if it weren’t for the customers!” was a common adage in department meetings and at conferences the world over.
Focus groups say one thing and do another. Survey responses don’t match behavior. Economic models are inaccurate, leaving many business decisions to gut instincts or chance.
Behavioral economics. A field that is unlocking the secrets of the brain, which it turns out is divided into two systems.
Traditional marketing and business strategy are built and tested in the conscious part of the brain. It considers what people “should” do or what we hope we will do. Unfortunately, with 99% of decisions being made by the subconscious…many of those conscious predictions are not accurate.
Consider the two candy images here, which are an example of a behavioral economics study. It feels more comfortable for the person creating the ad to use the word “them”, but as you can see, the subconscious is drawn in by the large number (a concept called anchoring) which impacts the amount people buy.
Changing 1 word resulted in a 38% increase in sales. (Note: the word itself isn’t magic, it’s the BE concept behind the word that matters.) There are hundreds of concepts and rules guiding the actions of the subconscious brain; applying them properly in each business case is both an art and a science.
We have worked with companies in varied industries (confectionary, financial services, tech, state agencies, tourism, veterinary, and more) on projects like:
Why? There is less change and items to learn, so you can focus on the benefits of incorporating those behavioral science insights instead of wasting precious brain energy on implementing new logistics and vendors. For that reason, every project is custom quoted to fit your needs.
Do you have a project, advertising campaign, or strategic initiative that could benefit from behavioral economics?