By Dan Monheit, originally shared on Carsales.com 15.01.21
Sure, some of it may be to do with the need to transport vast quantities of hoarded toilet paper, but that can’t be the only reason Aussies are flocking online to buy vans.
Turns out, Behavioural Science may have the answer. Cue the Projection Bias, our tendency to assume that our future selves will have the exact same set of tastes, preferences and priorities that our current selves do. It’s the very reason we shouldn’t grocery shop when we feel hungry, get a tattoo the moment inspiration strikes, or sign up for a gym membership on our first 6am visit. …
By Dan Monheit, originally shared on Carsales.com.au, 06.01.21
We’ve said goodbye to 2020 and have welcomed a long-awaited 2021. So, after the rollercoaster we’ve just had, how might people’s preferences and priorities change over the course of the year ahead?
Turns out, it doesn’t really matter, and Behavioural Science can help us understand why. Cue the Projection Bias, our tendency to assume that our future selves will have the exact same set of tastes, preferences and priorities that our current selves do. It’s the very reason we shouldn’t grocery shop when we feel hungry, get a tattoo the moment inspiration strikes, or sign up for a gym membership on our first 6am visit. …
Ever stuck to your guns even though you knew deep down you were wrong? In this episode, Mel and Dan unpack the Commitment Bias and how to make sure your New Years resolution actually sticks this time.
By Dan Monheit, 17.12.20
It’s weird hey? Kind of like being completely stuffed at the end of the main course but then magically finding room for dessert. As an impartial observer (being Jewish and all) the enthusiasm around Boxing Day has always struck me as strange.
For a start, the lead up looks insane. By the time December 25 rolls around, most people have already spent days, weeks and months, ploughing time, energy and emotion into finding perfect gifts for those closest to them (and passable gifts for everyone else). …
By Dan Monheit, Originally shared on Mumbrella 17.12.20
Typically, Christmas has been the season of getting your give on. By the time 25 December rolls around, we’ve all spent days, weeks or months, ploughing time, energy and emotion into finding the perfect gift for everyone else. This year, however, after months of deprivation and drudgery, we’ve seen a subtle psychological shift known as the Licensing Effect, come into play earlier than usual.
Psychologically, we work on an internalised virtues based bargaining system. …
By Dan Monheit, originally shared on Carsales.com.au, 16.12.20
If you had to re-read that, you’re not alone. Given all the predictions that 2020 would be the worst year on record for new car sales, a 95% increase in enquiries seems a little strange. In a time of economic uncertainty who could be thinking of splurging?
Turns out, everybody, and according to Behavioural Science, there’s a very good reason. Introducing the Licensing Effect, a cognitive bias that refers to our core desire to maintain balance between our indulgent and our virtuous selves. Psychologically, we work on an internalised bargaining system as our mind tries to constantly offset our positive acts against our negative ones to create equilibrium. …
By Dan Monheit, originally published on Smart Company 14.12.20
The call for more considered, long-term thinking has swept through the marketing industry all but unchallenged in the last decade.
It’s understandable when we pause to consider that we’re part of the Earth’s most future-focused population yet.
A 2018 study conducted by Deloitte surveyed more than 6,000 individuals across different generations, races, genders, income levels and locations, and found the growing importance of a brand’s ethical and social impact in shaping opinions, particularly among millennials and generation Z.
It’s clear that many of us, and many of our customers, are deeply — and rightfully — concerned with longer-term, bigger-picture issues, stretching far beyond what we’ll eat, drink, wear or do today. …
By Dan Monheit, Originally published on Inside Retail 9.12.20
New Year always brings with it big new plans. Post lockdown and post-2020, the pressure is on for 2021. Dan Monheit says that having a little insight into what we’ve learned about planning from Behavioural Science will go a long way towards making — and sticking to — your best plans yet.
The saying goes that if we fail to plan, we plan to fail, and so it’s not surprising that planning has become such a deeply embedded, universally respected part of most retail businesses.
We plan a lot. Store roll out plans, supplier plans, unit plans, merchandising plans, marketing plans, promotional plans, planogram plans, Covid-safe plans. And then there are the HR plans, the training plans, the strategic plans, the demand forecasting plans, the spacing plans, the seasonal plans, the IT plans, the operational plans, the planning plans. And do you know what the one thing they all have in common is? …
By Dan Monheit 4.12.20
Some people spend big on diamonds because they run manufacturing businesses that need to cut very hard materials with high degrees of precision. Other people spend big on diamonds because they’re batshit crazy.
That’s right Jeremy, just as you suspected, shelling out thousands of dollars for small pieces of rock makes absolutely no sense at all.
Of course, that’s not to take anything away from some of the greatest ‘demand generating’ advertising ever produced in the last 100 years. …
By Dan Monheit, 6.11.20
There are some convincing lies we tell ourselves; ‘we’ll work it off at the gym tomorrow’, ‘just one more pair’ and ‘we’ve got to spend to save’.
But none of these come close to the mid-binge allure of ‘just one more episode’ when we’re watching Netflix.
Despite a big presentation the following morning, chronic sleep deprivation, three years worth of overdue tax returns to get to and a show that, quite honestly, isn’t even that good (I’m looking at you Emily in Paris), the ‘next episode starting in 5, 4, 3’ is the closest thing we have to modern day witchcraft. …