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How to use behavioural marketing - impact on profits

Behavioural marketing is the systematic attempt to understand people using ideas, concepts and models of human motivation and action drawn from disparate fields including psychology, consumer studies and economics.

Behavioural insights can, when used effectively, save marketers time and money in getting to fundamental truths about how customers behave, think or dream.

In specific marketing contexts, behavioural approaches can increase understanding of consumer's responses to brands, the influence of media and store layouts, and illuminate their online behaviour and purchasing decisions.

Yet understanding people and their behaviour is not easy.

At WOW-O-WOW... we have acquired a deeper understanding of how forces like emotion, the herd influence, physical senses and memories shape decisions, it has become clearer that consumer buying is rarely down to rational issues such as price, convenience or choice.

It is a truism that all effective marketing should be based on insights into human needs and actions.

It could, therefore, be argued that behavioural marketing should not be viewed as a separate category or concept at all: it should be at the core of all good marketing practice.

Though behavioural marketing remains difficult to grapple with and to apply in harsh, competitive settings... it can have an enormous impact on profits when it is done well.

As professionals - WOW-O-WOW has studied people all their working lives... by closely studying consumer behaviour, behavioural economics and industrial psychology.

The pillars of the basis understanding of the key following concepts:

» Consumer behaviour
» Industrial sociology
» Organisational buying behaviour
» Behavioural economics
» Psychology
» HR concepts
» Science on the physiology of the human brain

At WOW-O-WOW, we begin by questioning our own individual
  sub-conscious biases... If left unaddressed, such biases can undermine and distort strategic decision-making... which can be restrictive.

It is necessary to think about the relevance of different ideas applicable to the relevant market.

... leading to a myopic view of marketing!

When used correctly, behavioural approaches will help marketers to step out of the established beliefs in their markets before relentless market forces compel them to do so.

However, to apply behavioural insights to tackle a specific business or marketing problem, WOW-O-WOW steps back and has developed an approach similar to that outlined below.

» How to approach a behavioural issue
» Agreeing a behavioural approach
» Selecting the appropriate behavioural model
» How to apply behavioural insights

At WOW-O-WOW - we are careful in choosing which behavioural ideas and concepts to use.

The first and most practical step is to define the nature of the task to be tackled.

While most marketers are increasingly aware of alternative, behavioural approaches, particularly when using mobile or social media as part of the communications mix ...

WOW-O-WOW has also supplemented this approach by using behavioural research to spot new product opportunities or new brands. In addition new product development specialists are often tuned into the need to interpret behavioural insights in order to create appealing offers.

To summmaise there are 10 pieces of strategy to embrace as part of finding the right behavioural insight:

1. Favour restlessness over contentment
2. Wonder about "the cow's crumpled horn"
3. Play with accidental data
4. View conclusions as a beginning
5. Get outdated
6. Stop "squeezing the same baby chicken"
7. Nurture cool passion
8. Have the courage of your convictions, not someone else's
9. Ask generic questions
10. Avoid premature dismissal