London

February 12-13, 2019

London
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Are People Becoming Wise to the Nudge?

Room 1 | 1:30-2:00 | Tuesday, February 12, 2019

We all know it costs more to acquire a new customer than to retain an existing one. Estimates put the cost of churn to U.K. businesses as high as £25 billion annually.

Behavioral science offers new strategies and tactics for marketers: small changes can make big differences. Approaches like choice architecture, defaults and nudges are proven to unlock value at little cost. But are we missing the wood for the trees? Behavioral interventions influence customer perceptions of your brand beyond the individual transaction. As more and more companies adopt behavioral interventions there may be a learning effect amongst consumers as a whole. Some are becoming wise to these tactics.

Trinity McQueen will share results from a behavioral experiment looking at the surprising effects behavioral interventions can have at acquisition and renewal and asking the question, Are people becoming wise to the nudge?

Covering examples across finance, leisure, media and FMCG sectors, the session will provide new thinking for marketers of all backgrounds.

Presentation type:

  • Other

Subjects covered:

  • Behavioral economics

Takeaways:

  1. Examples of behavioral science tactics that work/don’t work by category.
  2. A helicopter view of how consumers are reacting to some of the tactics in the behavioral science toolkit.
  3. Implications for the future.

Speakers:

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