Idea The average modern American supermarket offers around 47,000 products and the default thinking of marketers around choice is; the more choice the better. This idea is about how fewer choices can sometimes actually give more sales and explores how to think about applying this to your business for higher sales and increased customer satisfaction. Background Research In research it…
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Idea Many marketers understands the idea of “first choice”; that if your product is chosen once, your chance of being selected again greatly increases. This idea is about how that choice works and how you can improve choice architecture to gain a higher likelihood of first choice and subsequent choices, ultimately resulting in higher sales. Background…
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Idea This idea is about the “IKEA effect” and how it can help your business to change the way you think about products and to enable co-creation within the marketplace to achieve a higher valuation of your products. The “IKEA effect” is a cognitive bias that occurs when people place a disproportionate high value to…
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Idea This idea is about how social and market norms influence your brand’s relationships with consumers. Below we look at the key concepts of norms and why it is important to consider under which norm your brand operates. Knowing the norms has the potential to enable better future decisions making about the type of relationship…
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Idea This idea is about how something as easy as changing the frame of reference for a product can achieve a better ROI by delivering a higher perceived value. Have a look at the angry Austrian dairy farmer below (Warning: the video contains profanities): The farmer changes the frame of reference for milk by comparing…
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Idea This idea is about how you can improve your business strategy by applying learnings from the British government and the field of behavioral economics. I want to introduce one of the most important processes any CEO or CMO can pickup today, which is the process to “Test, Learn and Adapt” in conjunction with randomised…
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