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  1. Rethinking Marketing
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Who Should Attend The immersion program is crafted for executives with at least 10 years of experience who lead functional teams in such areas as marketing, branding, insights, innovation, product management, technology, strategy, and communications. Session 1: A Behavioral Economics Framework: Beliefs, Goals, and Choices This foundational session lays out the YCCI behavioral economics framework of consumer understanding through a blending of current academic research and industry case studies.

Session 3: Designing Choice Architecture The context of a choice can drive consumer actions as much as the content offered. This module will offer a set of tools that harness the power of defaults, information design, and context effects to guide consumers along their decision journey. Session 4: Problem Framing Framing impacts your decision-making and that of your team. This session unpacks framing to better understand how it works and how you can make it work for you.

Session 5: Habit A habit is neither intentional nor deliberate. It is formed through experience and repetition in a particular context. This session explores the study of habits — their characteristics, their formation and their disruption and how marketers can form and change consumer habits. DAY 2: Putting Behavioral Economics to Work In the second module, we turn our focus to how the latest ideas from behavioral economics can be used to solve your most pressing business challenges.

Session 6: Framing Value What is the best way to describe your offerings benefits to customers? How can beliefs trigger a deeper connection between brand and consumer? Session 7: Framing Price While much effort is dedicated to pricing using competitive comparisons, consumer demand, and product development cost, behavioral economics provides a new lens with which to approach the question covering topics such as price perception, comparisons, and reference prices.

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Session 8: Understanding Consumer Experiences Recent research has uncovered that consumer beliefs play a central role in shaping their experiences. Understanding those beliefs and how to activate the right ones at the right time is critical to building a positive consumer experience. This module will explore how hidden factors like belief-activation, key moments, duration, attribution, and rationalization can dramatically change overall satisfaction.

Session 9: Mindsets and Self-Control This session investigates powerful behavioral concepts like construal, proximity, self-rationing and mental accounts to provide a new approach to decide where, when and how to message the consumer for greatest impact. This lecture explores the choice of no-choice— the power of inertia. Effective marketers can help consumers overcome this powerful inertia by increasing short-term benefits, decreasing short-term costs, and lessening the pain of up-front costs.

Rethinking Marketing

This website uses cookies and third party services. By continuing to use our site, you accept our Privacy Policy , including our use of cookies. Send this to a friend Your email Recipient email Send Cancel. In recent years, a new factor has emerged to cloud the picture of what influences customers. The self-service approach of online commerce, with customers carrying out administrative tasks on behalf of the supplier as they fill in forms and complete order details, is another challenge to market researchers.

How can a business understand what is going through the minds of website visitors as they reach a decision on whether to buy a product or to disengage with the site?

Rethinking Marketing: Developing a New Understanding of Markets

The Direct Line insurance group is concerned with how people navigate this online world. It has 16 million active insurance policies and a clutch of different brands, such as Churchill and Privilege, in its portfolio. This wide scope means Direct Line has to keep on top of how these brands communicate to their respective customer bases. This dramatic event means advertising to the same customers twice over and that is a wasted expense which Direct Line relies on market research to avoid. Today he sees a world of online activity where technology can track the movements of a customer across a specific page on a website.

And then they might phone us while they are on the website. Such multiple contact points between a company and its customers allow more information to be gathered about how that customer behaves. For Mr Evans, this is about spotting the pain points, places in the website that cause customers difficulty and might deter them from completing a purchase.

Software embedded in the website can see where a computer mouse pauses and how long it takes customers to complete a task. Using this software Direct Line identifies tricky online locations.

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It then launches web-chat options that allow people to type queries to a service desk that could help them negotiate any obstacles. This is real-time market research performed by monitoring visitors to its websites. If technology has presented new avenues for marketing and market research, it has also changed attitudes among the subjects of the research. But brands must be transparent with them about that process. Customers accept they are being analysed as they click in and hover over a website.

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