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Behavioral Economics & Buyer Psychology- Choice Architecture

person icon Matej Sucha

Behavioral Economics & Buyer Psychology- Choice Architecture

Sam Tatam will teach you how to present different alternatives and nudge customers to buy.

updated on icon Updated on Sep, 2023

language icon Language - English

person icon Matej Sucha

architecture icon Marketing,Marketing Fundamentals

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Course Description

Choice architecture can influence what option your customers choose, or if they choose any option at all.

The course curriculum consists of the following lectures:

1. Introduction to choice architecture

  • Meet Sam Tatam, behavioral strategy director at Ogilvy Consulting. Awarded strategist, psychologist, and advertising practitioner. Sam explains what is choice architecture, why it’s important and gives jaw-dropping examples of its power.

2. The Power of Friction

  • Your customers like everything to go smoothly, but sometimes too smooth won't soothe, but rather make them scoot. You’ll find out why increasing friction for your customers can be a surprising goldmine.

3. The Importance of Salience

  • The rules of Salience aren't new. It’s way more than just personalization, as there are interesting and specific ways we can unpack salience to influence decision making; you’ll befriend idiosyncratic fit and salient feedback.

    There’s a way to make an already good deal even sweeter if you design it in a way that feels like it gives your target customer a relative advantage, compared to others. Sam and Uber could tell.

4. Defaults

  • Defaults are very powerful for nudging customers towards making a certain choice. They allow us to make a decision without the need to invest too much effort into thinking about it. But with great power comes great responsibility. Using defaults in the right way so that your customers don’t feel like you’re limiting their agency, or power to make their own decisions, can be an art form, which Sam will explain to you in this part.

5. Case study: Creating Healthy Habits by Matej Sucha

  • It turns out that diabetes patients have a large portion of their health state in their own hands - by what they eat and how active they are. A simple piece of advice could then be “eat healthily and move a lot” but we all know that changing one’s behavior is far from easy.

    That’s why in this project for a health insurance company we designed an elaborate behavior change strategy with new habit creation at its core.

Goals

What will you learn in this course:

  • Understand is choice architecture, why it’s important, and get jaw-dropping examples of its power.

  • When we shop, we generally like everything to go as smoothly and as easily as possible. But sometimes a process that is too hassle-free can actually harm sales.

  • Salience might seem like a pretty straight-forward principle, but you’ll find that there’s more to making your product or service stand out.

  • You’ll learn how personalization, idiosyncratic fit, and salient feedback can help you gain a competitive advantage.

  • There is one more extra piece of content - a case study about habits creation presented by Matej Sucha - an expert in applying behavioral economics in business.

Prerequisites

What are the prerequisites for this course?

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

Behavioral Economics & Buyer Psychology- Choice Architecture

Curriculum

Check out the detailed breakdown of what’s inside the course

Choice Architecture
5 Lectures
  • play icon Introduction to Choice Architecture 24:10 24:10
  • play icon The Power of Friction 15:23 15:23
  • play icon The Importance of Salience 18:09 18:09
  • play icon Case study: Creating Healthy Habits 08:03 08:03
  • play icon Defaults 11:19 11:19

Instructor Details

Matej Sucha

Matej Sucha

MINDWORX Academy began as project from passion. The founders understood that knowledge about Behavioral Economics and Consumer Psychology has to spread. They reached out to the biggest names in the field. Rory Sutherland, Sam Tatam, Matej Sucha and one special guest shared their passion and together they launched worlds leading Masterclass. MINDWORX Academy was born.

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