Human beings are not always as rational or logical as traditional models might suggest. So how can financial services companies understand their customers, when they often don’t apply clear thinking or make balanced decisions?
Behavioural Economics (BE) can help shine a light on the psychology of decision-making, both individually and as part of a group or crowd.
Understanding the principles of BE provides both valuable insights and a strong competitive advantage to those who embrace it, whether in executive decision-making, investment, sales, marketing or in society at large.
Please join Rory Sutherland and Paul Craven as they discuss some of the key principles and benefits behind BE.
In this session we look at how the themes and ideas behind BE are becoming more natural and how adoption of techniques have become more mainstream.
Bridging the gap between attitude and action is one application of behavioural economics, but we are also more aware that consumers are not always rational and decisions change the way questions are framed.
Is there a marketing paradox as we slave to the mantra of 'understanding the customer' yet the customer doesn't necessarily know what they want themselves?
Paul Craven, Founder, Paul Craven Partners
Rory Sutherland, Vice-Chairman, Ogilvy Group UK