Good Behavioural Science and marketing links


The Persuasion Code Part 1, with Christophe Morin
Christophe Morin, co-author of the first neuromarketing book and now The Persuasion Code, is the neuroscience half of the SalesBrain duo. He digs into the science that underlies a pain-based approach to sales and persuasion. Read more…

The Paper Towel Test For Customer Experience

Want a clue as to how a business that claims to be customer-focused really feels about its customers? Check their approach to dispensing paper towels! Read more…

The Persuasion Code Part 2, with Patrick Renvoise

In the second part of our Persuasion Code series, co-author Patrick Renvoise joins us to share how years of experimentation and client testing have shown what really works in persuasion and sales.  Read More…

Transforming Customer Experience with Carnival’s John Padgett
How do you take the best customer experience and make it even better. John Padgett has done it twice, first at Disney and now at Carnival. It starts with rethinking every aspect of the customer’s journey. Read more…

How many really bad presentations have you sat through. David Hooker, evangelist for upstart presentation Prezi, tells you how to engage your audience and ensure they remember your message. Read more…

Behavioral Science in Business

It’s almost here! Learn from the best minds applying behavioral science to business! Save 20% with code “ROGER” and support the amazing work of TakeHerBack at the same time.

Be a Five-Star Communicator with Carmine Gallo
Crush your next presentation, whether it’s an auditorium or cramped conference room. Speaking expert Carmine Gallo has deconstructed successful TED talks and other speeches to teach you what works! Read more…

Futurist and author Thomas Koulopoulos paints a future both scary and exciting in Revealing the Invisible – AI-driven behavior analysis, hyper-personalization, even consumer “mind-reading.”  Read More…

Clockwork – Design Your Business To Run Itself

Mike Michalowicz is back to teach you the ultimate entrepreneural secret – how to get your business to run itself. Mike’s new book is Clockwork, and he shares ideas in the way that only he can. Read more…

Study: Surprise Winner In Audio vs Video For Emotion
Would an emotionally charged scene from Game of Throneslight up your brain more if you saw the scene on video or heard the passage from the book via audio? This and other tests yielded surprising results.  Read More…

The 1-Page Marketing Plan with Allan Dib

Forget big marketing plans that gather dust on your shelf. Business coach Allan Dib explains why one page is enough, and tells you the exact steps to creating your 1-page plan.  Read more…

Topple: Explosive Growth via Ecosystem Thinking
The days of the standalong business are numbered, says author and futurist Ralph Welborn. In Topple, he explains why you need to be part of an ecosystem that will feed your business new opportunities. Read more…

Real Artists Don’t Starve with Jeff Goins

If you are a creator of any kind – writer, musician, painter, etc. – don’t fall for the “starving artist” myth. Author Jeff Goins gives practical examples showing how you can make your art and prosper financially, too! Read more…

Is your marketing budget maxed out? Do you need more sales? If you like my Neuromarketing, Entrepreneur and Forbes articles, you’ll definitely enjoy Brainfluence: 100 Ways to Persuade and Convince Consumers with Neuromarketing (Wiley). It’s full of practical, ways to use behavior research, neuroscience, and psychology to make your marketing more persuasive! Get Brainfluence…

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Competing for Shoppers’ Habits


Global Consumer Insights Survey

via Competing for Shoppers’ Habits

4 Secret Selling Techniques You Must Implement


 

Word Count:

691

Summary:

To reach our business goals we need right resources and/or the insights to help our business reach the success it’s capable of.  Following four insights will help us generate the business we’ve always dreamed of.

Article Body:

1.  Experiment with New Advertising Methods

 

A sharp decline in the effectiveness of our advertising campaign is usually the the first sign that we might need to explore new marketing strategies We shell out and ( as critics say – BURN) hard earned cash to advertise, and pubic turns its nose up! Procrastinating till our profits are plunging to start hunting for new marketing strategies is futile.

What could possibly be these foolproof selling techniques? Yeah, no more customers walking out with empty hands… no more profits disappearing into thin air! Share below,  are 4 secrets that will help you put money in your pocket, and enhance your current customer list and augment, hyperscale your business.

 

1. Make It Easy


While the old adage – variety is the spice of life is true;  giving customers too many choices can lead them into indecision or procrastination. We know, very well;  when customers procrastinate … we lose sale!

Imagine a customer walks into shop / the point of purchase, your business premises; and is ready to purchase, and suddenly sees several options he didn’t know existed, he’ll stop, and then decide… which one?   If he’s uncertain… well, you lose a sale that was already in your pocket.

Make it easy for your customers to decide… yes, I’ll buy it… no I won’t buy it.  Yes and no decisions are a lot easier to make, and are more likely to put cash in the drawer.

 

2. Offer Several Ways To Buy

 

Too many choices can overwhelm customers and can cost you sales.  These options of how to buy may open up avenues for customers to purchase the product they’ve decided they need. They say there are different strokes for different folks… your customers don’t all use same methods to buy.  It just makes sense that if the method they prefer is available, they’ll be more likely to take advantage of it.

Convenience it the key to attracting buyers in today’s fast paced society.  What will be the fastest and easiest for them… credit card, phone, fax, Internet, or cold hard cash?

 

3. Keep it Simple

Do you remember the frustration of spending 10 minutes pushing buttons on the phone just to get through a pain-in-the-neck automated ordering service.  Heck, you just wanted to buy that one item!  Maybe it was the time you had to click your finger raw, just to jump through the hoops of an online shopping cart.  Yeah, the temptation to just forget it is right there!

Don’t frustrate your customers with intricate ordering processes.  Most likely, they just want to place the order in a few minutes and be done.  Let them get frustrated, and they’ll go elsewhere, or just abandon the idea altogether.

4. Follow Up

One of my favorite catalog companies always closes out the sale with a special buy that is available only at the time of purchase.  I’m an impulsive shopper by  but it stops me in my tracks every time.  I know it’s a one-time shot, and I really consider whether I want or need it before I hang up the phone.

How many items would your customers buy if you were to follow up every sale with a special offer?  Internet marketers have a world of options at their fingertips.  The products you offer don’t even have to be yours… and you can still make a profit!

Affiliate marketing is sweeping the Web.  Think about it… would your customers benefit from an ebook that deals with the product they are purchasing?  You can offer it to them, and let the owner handle ordering process while you collect the commission.  It’s as easy as 1, 2, and 3 and profitable too!

Boosting your sales numbers and profits isn’t as tough as it sounds.  Implement these 4 simple selling techniques, and watch your sales steadily climb… and just think… they didn’t cost you a penny!

 

Influence Bartering – good ebook on Changethis


“There are billions of blogs out there on WordPress alone, as I turned to see the WordPress Reader.  It has never been easier to turn our expertise into a revenue stream of Best Friends, Followers and Fans who turn your customers OR one can become an  an influencer to help others.  I choose to do the later. Become an Influencer to my BFFFs and be their BFFF and be influenced by many of them.

The Important question is: What exactly are influencers and why are they important? As a general principle, an influencer is someone who has influence.  You’ll say “I know, I know, it isn’t very helpful to define a word by using the same word”, but it is really that simple. WOMM  or the Word-of-mouth marketing isn’t new and it’s the driving force behind consumer habits, whether it’s buying a product, watching a show, or just downloading an app.

In today’s digital world, the word ‘influencer’ is ascribed to someone with clout through digital channels, or ‘social currency.’ ! (  In this bitcoin Age! ) Whether one has a lot of followers or really high engagement, when they speaks, audience listens, they act, and—most importantly to brands—they buy.”

I read the ChangeThis.com recently and found an excellent ebook on Influence Bartering. Worth a Read.

How Behavioral Economics Could Help Reduce Credit Card Delinquency


How Behavioral Economics Could Help Reduce Credit Card Delinquency
Nina Mažar
JULY 26, 2018
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With U.S. household credit card debt at an all-time high of more than $1 trillion, delinquent payments can be more costly than ever. For companies, delinquencies can mean massive collection costs and write-offs of entire accounts. For consumers, delinquency can mean late fees, increased interest rates, downgraded credit scores, the loss of vehicles or homes, or even bankruptcy, despite their intentions to bring their accounts current by making a payment large enough to satisfy their credit card balance. Recent research indicates that simple modifications of automated phone prompts provide an inexpensive way for companies to help consumers make good on their intentions, benefiting both parties.

My colleagues Daniel Mochon and Dan Ariely and I collaborated with a large North American store that offers credit cards, aiming to study how to get recently delinquent customers to pay at least a portion of their balance. These are customers who have just missed paying at least their minimum payment and are therefore considered one month delinquent. Most credit card companies, including our collaborating card company, use interactive voice recordings (IVRs) — large-volume automated phone calls — to remind early-stage delinquent customers to pay. This assumes that there are only two groups of delinquent customers: those who are unable to pay and those who simply forgot. To take care of those who forgot, a short automated reminder is thought to suffice: “[Customer name], you have a past due amount. If you have already paid, press 1. If you are going to pay within the next three days, press 2. If you want to speak to an agent, press 3.”

However, we know from many other domains of life that people can have the best of intentions but fail to follow through on them. For example, many of us intend to save more money, live a healthier lifestyle, or start working on our taxes early instead of at the last minute. But life gets in the way; we procrastinate and end up not doing what we intended to do. My colleagues and I thought that this might also be true for some of the delinquent credit card customers. So we tested two separate modifications to the baseline IVR to see if they would help overcome this type of inaction in the case of recipients who indicated they would pay within the next three days.

Our first modified version added an interactive menu level that asked call recipients to select a concrete timeframe within which they would make their payment during the ensuing three days: “If you are going to pay within the next 24 hours, press 1” and so on, continuing through 36, 48, and 72 hours. We expected this intervention to prompt deeper mental engagement that would help them remember their intention.

Our second modified version added yet another interactive menu level right after this new one. Call recipients were asked to take a personalized pledge: “[Customer name], you have committed to pay [total amount due] within the next 24 hours. Press 1 to confirm your commitment to this pledge.” The idea was to strengthen call recipients’ sense of commitment to their expressed intention.

Over nine months we randomly assigned a small subgroup of the company’s early-stage delinquent customers, around 50,000 people, to one of the three IVRs. We found that compared with the baseline IVR, the prompt with the concrete timeframe increased customers’ likelihood to pay by 2.26 percentage points and led them to pay 0.23 days faster. Adding both the concrete timeframe prompt and the pledge increased the likelihood by 2.54 percentage points and the speed by 0.51 days.

What does this mean in dollars? The people in our small subgroup had a mean total amount due of $142. Some 15,000 indicated they would pay within the next three days. If all 15,000 had received the IVR with the timeframe prompt and pledge, instead of the baseline IVR, the improvement in response would have translated into an increase in immediate revenue of more than $56,000.

When scaled to a credit card company’s entire customer population, these interventions could result in significant revenue increases. Moreover, additional customers become delinquent every day, increasing the long-term revenue benefits of such interventions. In addition, they cost little, they scale easily, and they reduce more-costly later-stage collection efforts, which can include letters, live agent calls, and collection agency fees. Meanwhile, consumers benefit from avoiding the costs associated with debt delinquency.

These results demonstrate that even simple, minimal prompts delivered through automated, high-volume IVR calls can bridge the intention-action gap that so often prevents people from completing beneficial behaviors. Asking people to express their intentions more precisely about when they will act and to take a pledge could work in areas ranging from tax compliance to medication adherence to students’ procrastination on assignments. More generally, the results affirm that applying behavioral insights has great potential for increasing economic and individual well-being at low cost, as the recent work of Daniel Kahneman, Steven Levitt, Cass Sunstein, Richard Thaler, and others has shown.

Nina Mažar is Professor of Marketing and Co-Director of the Susilo Institute for Ethics in the Global Economy at Questrom School of Business, Boston University, and co-founder (with Dan Ariely) of BEworks, a behavioral economics consultancy.

via How Behavioral Economics Could Help Reduce Credit Card Delinquency

What Makes Us Cheat? Three Classic Experiments from Behavioral Economics. | Big Think


What Makes Us Cheat? Three Classic Experiments from Behavioral Economics.
Over a year ago by SIMON OXENHAM

Dan Ariely, the psychologist who popularised behavioral economics, has made a fascinating documentary with director Yael Melamede exploring what makes us dishonest. I’ve just finished watching it and it’s something of a masterpiece of psychological storytelling, delving deep into contemporary tales of dishonesty, and supporting its narrative with cunningly designed experiments that have been neatly reconstructed for the film camera.

Below are three excerpts I selected in which Ariely and his co-authors walk us through some of their most thought-provoking experiments and discuss their implications, reproduced here with the permission of the filmmaker.

The Matrix Experiments

Most people cheat a little bit, cumulatively this low-level cheating dwarfs the economic impact of those who cheat a lot.

The Human Capacity for Self-Deception

Most people believe they are somewhat better than average; not only is this statistically impossible, but also even when we know full well that we are cheating, we’ll still fool ourselves into believing otherwise. Our self-evaluation remains distorted even when our own money is at stake, a principle known as the optimism bias.

Social Norms

Whether or not we cheat has less to do with the probability of being caught, than whether or not we feel cheating is socially acceptable within our social circle.

For more of the above, I recommend watching Ariely’s film – (Dis)Honesty – The Truth About Lies, which includes more experiments from behavioral economics described in detail, along with some fascinating case studies from professional cheaters: athletes who’ve been caught doping, bankers who’ve been jailed for insider trading, and partners caught stepping out on their significant others.

Full disclosure: I received a free review copy of the film from the producers.

Follow Simon Oxenham @Neurobonkers on Twitter, Facebook, RSS or join the mailing list, for weekly analysis of science and psychology news.

via What Makes Us Cheat? Three Classic Experiments from Behavioral Economics. | Big Think

What would you label a person


Who agrees, commits but rarely fulfills?
1. Has No integrity
2. Wanted to say NO BUT said yes!
3. Cheats him/herself
4. Is unable to prioritise and funnel/ filter doables and undoables?
5. Wants to fool others by agreements which are rarely fulfilled
6. Is a chest with self and will cheat others
7. Is exploitative of others
8. Has no sense of right or wrong

Perceptions are right or wrong, assumptions are partial judgements again right or wrong.
But if a person is wrong person?