Let’s Talk Marketing podcast
Host Adam Fraser interviews marketing industry leaders from around the world, including CMOs, academics, authors, consultants and speakers in this podcast about the strategic marketing landscape.
By speaking to the brightest minds in the global industry these interviews will help you rise above the noise to join the dots and make sense of the fast moving and ever changing marketing sector.
In this episode, Adam talks to Hardhat’s very own Dan Monheit about all things Behavioural Science:
- An overview of Behavioural Science and heuristics
- The availability bias. The more easily you can record an example something the more likely it is to happen.
- Heuristics — we are not the rational decisions makers that we believe we are. Heuristics are hacks that help us get through our day.
- 1950s behavioural economics- we don’t make rational decisions all the time. Based on emotion, context and biases in which we make the decisions.
- How the brain works to make decisions from an evolutionary perspective.
- Social proof- built around the idea that we are social creatures by design. At a visceral level our brain is created to imitate others. Being with the group is often more important that being correct. Show the heard- find the way to show people that others have already picked you.
- The licensing effect- ‘treat yourself.’ Inherit desire to balance our virtuous and indulgent self. Doing one thing that offsets another because we think we deserve it.
- The effort bias- around our difficulty in trying to understand the value of something. High degree of effort = high value. Work out how you can celebrate all the hard work going in. Examples given from Wine/whiskey industry.
- Our desire to take the safest option most of the time.
- Counter trends to effort bias.