Behavioural Economics Bootcamp: Automation and tech skills running ahead of why consumers actually buy stuff
Behavioural Economics is hot in the marketing and media sectors this year as brands from all sectors look to unravel how people have and will behave through and beyond Covid. But many are still stuck on the tools of technology, not the toolbox of consumer behaviour. Here’s how to land both.
Dan Monheit has a full-service agency that cut its teeth as a digital pureplay business in Hardhat. But he’s equally weighted to a non-digital, non-technological concept that is booming in brand land called Behavioural Economics, popularised by the Nobel Prize-winning behavioural economist Daniel Kahneman. "We spend a lot of time thinking about how programmatic works, how attribution modelling works. But we don’t really ask how people work, how people make decisions,” says Monheit.
At the heart of the industry’s greatest challenge for getting results and growth in the post-Covid era is the “myth of rationality”. Humans aren’t anywhere near as rational as the entire marketing industry still assumes.
People use mental shortcuts, or heuristics, to make decisions and these shortcuts have little to do with the rational. And it turns out there are hundreds of these shortcuts that people use to make decisions.
So which ones are critical in marketing, advertising and media?
Mi3 and Hardhat have teamed up to crunch the 12 heuristics core to marketing and advertising in four lunchtime sessions called Built on Behaviour Bootcamp. It starts next Monday November 30.
Check out the details here.