This week’s theme is behavioral economics – understanding the minds of your members for better results.
Technology & reaching the unconscious mind
“Many researchers tell us that one-on-one interviews are superior to focus groups. That is, even a few conventional one-on-one interviews yield essentially the same data as several focus groups. Additionally, there is now a lot of evidence that personal interviews yield deep insights that can’t be obtained from focus groups.”
https://hbswk.hbs.edu/item/the-subconscious-mind-of-the-consumer-and-how-to-reach-it Loss attention – an alternative to loss aversion
“What distinguishes loss attention
[the tendency of individuals to allocate more attention to a task or situation when it involve losses than when it does not involve losses] from loss aversion is that it does not imply that losses are given more subjective weight than gains.” https://en.wikipedia.org/wiki/Loss_aversion Choice architecture: molding the choice-making environment for better decisions
“Social science research reveals that as the choices become more numerous or vary on more dimensions or both, people are more likely to adopt simplifying strategies.”
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2536504 Game theory and personal finance
“95% of the participants [in the pilot program] said they believed their credit union cared about their financial health.”
https://www.americanbanker.com/news/game-theory-shows-results-with-financial-customers Raising the bar on loyalty programs
“Financial institutions and retailers who use artificial intelligence are positioned to emerge as the new loyalty program leaders. This use of AI will help them to intimately understand customer behavior and purchase decisions, so the exact right reward appears for potential redemption at the exact right time. The more the customer redeems rewards at the point of sale, the more fine-tuned the offer becomes, for the mutual benefit of the customer and the financial institution.”
Curated by Emma Alexander, lead of Access Softek’s dedicated Digital Advertising team. Contact us to find out how Access Softek can help with your digital marketing.