Understandings on what drives consumers
Richard Shotton’s recent book The Choice Factory is arguably the most practical guide to behavioural economics, with an overview of how findings from behavioural science can be applied to marketing communications. Shotton argues that the short-cuts we make in System 1 thinking are prone to bias so we must be aware of them and use them to our advantage.
He has compiled a list of 25 biases, not a comprehensive amount but the ones most relevant to our business. Interesting to note that in the introduction he quotes Bryon Sharp, saying that marketers too often rely on untested assumptions; marketing managers operate a bit like medieval doctors, working on anecdotal experience, impressions and mythical explanations.
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