Behavioral Economics Consumer Psychology In Marketing

Learn how to apply some of the most powerful principles from consumer psychology to increase conversions

Last updated 2022-01-10 | 4.4

- The nitty-gritty of the 3 of the most powerful psychological principles (Loss aversion
- Fairness
- Choice overload)
- Different ways of how to apply each of them into your ads
- landing pages
- emails
- sales funnels
- and everything in between
- Dos and don’ts for each principle
- (especially what to beware of so that you don’t sound gimmicky)

What you'll learn

The nitty-gritty of the 3 of the most powerful psychological principles (Loss aversion

Fairness

Choice overload)

Different ways of how to apply each of them into your ads

landing pages

emails

sales funnels

and everything in between

Dos and don’ts for each principle

(especially what to beware of so that you don’t sound gimmicky)

How to reframe your message to get your foot in the door

How to present your offer in a way that makes people click

How to come up with solutions and ideas you otherwise wouldn't think of but have the potential to change your world forever

* Requirements

* There are no course requirements or prerequisites for this course. What you'll need is a notebook or pen and paper to take notes.

Description

Through this excerpt from our Masterclass you discover some of the most counterintuitive and surprising findings from consumer psychology and behavioral economics to increase conversions.

You’ll get a wholesome, well-rounded understanding of how to apply 3 of the most powerful psychological principles to improve your business results. It's packed with useful tips, fun facts and even anecdotes so that learning is not dull and guess what? Remembering it is a lot easier this way.

Your instructors? Four of the top experts in the field RORY SUTHERLAND, SAM TATAM, MATEJ SUCHA, and one VERY Special surprise guest.

The topics we will cover are:

Introduction to the Behavioral Economics & Consumer Psychology
The practical use of Behavioral Economics in business, marketing activities, and shaping better solutions for your customers
Fascinating examples of the use of psychology and behavioral economics in Marketing (by Rory Sutherland)
A few simple tricks that business owners can use to justify a higher price. We want prices which feel fair otherwise we won't buy. Yet the way we assess fairness is quite arbitrary.
One of the most powerful principle - Loss Aversion and specific case studies how it's been used to increase conversions (by Matej Sucha)
The power and danger of Choice Overload (by Sam Tatam)
Mind-blowing case study by Ogilvy for KFC with the aim to increase sales of potato chips (by Sam Tatam)
A beautiful illustration of the power of behavioral insights - unexpected results achieved by a simple direct mail campaign from another case study for a charity organization in the UK

To get the most out of the Masterclass, first, watch the video and then read the corresponding eBook. It's full of additional case studies and examples which will help you grasp every nuance of the principle.

Testimonials:

''We do growth marketing and have a lot of experience with increasing conversions but this course was the missing piece for us. It’s full of eye-opening insights and practical examples but most of all it‘s a step-by-step guide on how to apply them into practice.''

- Diederik Gerbranda, Growth Marketer at Scaleup Marketing

''Perfectly crafted, well-articulated, highly engaging and enriching program. This is one of the finest online programs I have come across. The case-studies and examples are elaborate and make it easier to understand BE concepts. I found the content informative and it has been designed in a manner such that it kept me engaged throughout.''

- Vinita Singh, Senior Research Executive at Nielsen

Certificate of completion:

You'll be issued a certificate of completion after finishing the course. Which you can (and should) easily add to your LinkedIn profile.

This course is right for you, if:

You're a marketer and you want to increase conversion rates of landing pages and sales funnels
You're a freelance consultant and you want to get ahead of the competition and bring new insights to your clients
You need to design performing B2B or B2C marketing and sales strategies
You write copy for websites, direct emails, online ads, etc
You’re a behavioral economics practitioner and you look for new case studies and inspirations

Who this course is for:

Marketers who want to increase conversion rates of landing pages and sales funnels
Copywriters who are eager to learn what to write and how to write it so that it converts
Strategists and Planners who need to understand what’s behind their customer’s decisions and how to influence them
Behavioral Economics fans who want to learn from the best in the field
Conversion and UX specialists who want to learn the psychology behind why people buy
Consultants who want to get ahead of the competition and bring new insights to the clients

Course content

1 sections • 9 lectures

Behavioral Economics and Consumer Psychology in Marketing 9 lectures

Welcome to Behavioral Economics & Consumer Psychology in Marketing Preview 01:13

Welcome, a fellow curious soul, thank you for choosing Behavioral Economics and Consumer Psychology in Marketing!

We know there is a great deal of courses online and we are on cloud nine that you’ve decided to take this journey with us. We’ll ride like Aladdin on a magic carpet and promise it’ll be a smooth ride.

This is an overview of online Masterclass, but with that said, it's not a school class which some of us might have dreadful memories of.

This is just starter to our Behavioral Economics & Psychology in Marketing Masterclass, but it is packed with useful and actionable knowledge.

You will experience best of our four speakers Dan, Rory, Sam and Matej as they show you amazing world of Behavioral Economics and Consumer Psychology and its application in your professional or personal life.

Now, let’s begin…

Introduction to Behavioral Economics Preview 13:28

Marketing is sometimes just like cosmetic surgery, while Behavioral Economics has all the tools to become a general hospital. Learn what is Behavioral Economics about and how this science of how customers behave and what makes them tick can make all the difference.

Why Behavioral Economics in Marketing Preview 18:23

Everybody is looking for the “moon shots” which will revolutionize marketing. Rory’s view is that it’s not technology which will revolutionize marketing as we know it today but something else.

“My experience of marketing over 30 years is - If you find out something that works, try testing the opposite because that might work as well.”

Fairness and Perceived Value Preview 14:25

Dan explains why we consider a price to be more fair when visible effort is involved, and reveals a few simple tricks that business owners can use to justify a higher price.

We want prices which feel fair otherwise we won't buy. Yet the way we assess fairness is quite arbitrary.

The Power of Loss Aversion Preview 21:59

Disenchanting to experience, enchanting to use, that's loss aversion in a nutshell. What's the right appeal? What on the other hand, can backfire?

You’ll find IKEA packs quite a punch in this video; it even has an effect caring its name: The IKEA effect. How to use it, we will tell.

How to make someone feel like they own something before they’ve even purchased it? Why it works? It's all about the so called, Endowment effect which helped us increase job ad conversions by 57%.

The Surprising Facts about Choice Overload Preview 15:28

It's not that less is always more. Too many choices are bad but taking away options has to be done with precision of a watchmaker. Learn how and what to do when you, in fact, can't cut down anything.

Anyone who has picked flooring for their living room, will testify that having to choose from 156 options sets one on a journey of headache and prolonged dissatisfaction. Granted we were able to choose, but sometimes we just bail.

What’s there to do when dealing with choice overload? Frankly much more than just having to cut the options down.

Learn about examples which employ “but you are free” effect, Choice closure or Chunking. All these can have a great impact on the ease with which we choose and how happy we are about it. Chinese restaurant menus could tell stories and they certainly do.

Case study - Increasing Sales of French Fries at KFC Preview 05:58

Do you have any idea how many french fries are sold by KFC every day? Imagine they found a way to increase this number just by a tiny fraction. It would account for … well, a lot of additional profits. Sam and his team were hired to do exactly that.

Case study - Increasing Conversions of Direct Mail Campaign Preview 06:32

In this mindblowing case study Rory talks about a simple direct mail campaign with unexpected results. A huge proponent of testing, Rory and his team designed several versions of their direct mail and the results showed something interesting. This is a beautiful illustration of the power of behavioral insights.

Thank You Preview 00:30

So this is it. You’ve made it till the end of our little taster.
We hope you’ve enjoyed every minute of the course and that you’ve learned a lot and that taste for knowledge for Behavioral Economics and Consumer Psychology is not satisfied.

Let us know your thoughts, what you liked most.