Brands need to heed behavioural economics - NIMA

Brands need to heed behavioural economics

11 april 2017

Marketers need to consider factors such as short-termism, “hyperbolic” discounting and other principles from behavioural economics as they seek to build connections with consumers, a leading executive from FCB has argued.

Matthew Willcox, Founder/Executive Director of FCB’s Institute of Decision Making, discussed this subject at the Advertising Research Foundation’s (ARF) 2017 Annual Conference.

And he suggested that one habit which profoundly influences how consumers make choices involves a frequent inability to prioritise long-term payoffs over short-term gains.

“When we think about ourselves in the future, it’s almost as if we’re thinking about someone else,” Willcox said. (For more details, read Warc’s exclusive report: How behavioural economics explains marketing.)

One solution to this problem is making it easier to picture the future ÔÇô as shown by a Bank of America Merrill Lynch effort letting investment retirement account clients see their faces age simply through taking a photo with a webcam.

Bron en volledig bericht: Warc

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