Course description
Behavioral Economics
A practical guide to harnessing irrational consumer decisions and making them, if not entirely predictable, then far more intelligible using Behavioural Economics principles.
Suitability - Who should attend?
This course is designed for:
- Marketers with little or no knowledge of Behavioural Economics
- Anyone involved in planning and developing marketing communications
Taking this course will give you the theoretical and practical underpinning to turn the marketing unpredictable into the predictable.You will add the ability to predict patterns of behaviour and habits to your strategic toolkit.
Outcome / Qualification etc.
During this course you will learn to:
- Use the principles of Behavioural Economics to develop frameworks for research and planning
- Change the context in which you present choices to consumers
- Develop messaging that influences patterns of consumption
- Build messaging that nudges people to make more profitable decisions
- Identify and modify consumption habits and patterns
- Understand the power of the default option
- Understand how 'mental accounting' affects decision making
- Make 'irrational' consumers more predictable
Training Course Content
Introduction to Behavioural Economics
- Major principles: heuristics and biases
- History, context and background
- BE’s place in the boardroom
- Why now?
- Heuristics, biases and principles
Thinking Styles and Perception
- Thinking fast, thinking slow - systems thinking patterns
- Choices
- ‘Two selves’
- Decoding the interface
- Neuromarketing: what neuroscience adds to the BE toolkit
- Recognition of perceptual cues
- Context - what it stands for
Motivations and Incentives
- ‘Natural’ theories of motivation
- Rational motivation
- Incentive theory - intrinsic and extrinsic motivations
- Behaviourist theory
- Socio-cultural theory
- Attribution theory
- ‘Crowding out’
Framing/Reframing
- ‘Autopilot’ frames our experience
- Alternative framing or reframing – strategy and tactics
- The aims and goals of reframing
- Case studies
Choice Architecture
- Advertising and social proof
- Distinctiveness
- Reducing the ‘pain of payment’
- Mood
- Expectancy theory
- The Terrible Curse of Knowledge
Social Influences and Habit
- Trust and reciprocity
- Cooperation, punishment and social norms
- Cultural innovation strategy
- ‘Identity’
- ‘Herding’ and social learning
The Consumer Decision Journey and Goals
- How the decision journey has changed
- Touchpoints and time
- Using BE to analyse and modify consumer decisions
- Implicit and explicit goals
- Habits
- Goal value and mapping
Behavioural Economics Workshop
- Asking the right questions
- Breaking down barriers
- Comparisons and efforts
- Saying the ‘right thing’
- Generating solutions
Course delivery details
Virtual Classroom: Tutor-led, live, online classroom environments
The IDM Virtual Classroom is face-to-face, peer-to-peer learning – in the digital world. It lets you keep learning, wherever you are, and to connect with others, no matter the distance.
The IDM’s Virtual Classroom offers:
- An interactive classroom environment
- Peer-to-peer collaboration
- An engaging platform experience
- Practical learning through hands-on exercises
- Online access anywhere you can get an internet connection
Courses are structured in a time-friendly format consisting of three to four sessions per day, broken up into 60 to 90 minutes of learning, instead of the conventional approach of listening to lectures and notetaking.
Before starting your course, you’ll receive joining instructions outlining any technical requirements, plus a unique login link via Zoom.
Why choose Institute of Data & Marketing
Over 30 years experience as a leading awarding body for qualifications in data & digital marketing
Over 100,000 people have attended our courses
Over 15,000 marketers have earned a professional certification with us
Expenses
Members: £400 + VAT
Non-members: £450 + VAT
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Institute of Data and Marketing
IDM is the trusted training partner for hundreds of leading brands, from over 30 countries. For more than 30 years they’ve trained over 100,000 delegates, helping them improve their marketing performance, from their first steps on the career ladder to...