Owner and Director of Strategy at Hardhat Digital, Dan Monheit, joins the podcast this week to discuss behavioural economics and marketing. We discuss:
- Dan’s career to date
- Competing in the agency space and why success in the digital space is the strongest differentiator
- Marketing, psychology and understanding consumer behaviour
- Behavioural economics, heuristics that aid decision making and Dan’s podcast show, Bad Decisions
- The Choice Paradox: why providing quality choices is more important than increased choices when meeting the consumer want for more choices, and how increased options adversely impacts consumer decision making abilities
- The Default Bias: how, if you provide a default option, people will almost always choose that option to avoid having to make a calculated decision
- Temporal Discounting: how unrealistic optimism and life expectancy negatively impacts the value we place on things further away in the future
- Social Proof: how herd mentality it causes people to make poor decisions when with friends and examples of how brands like Kogan and TripAdvisor are using social proof to influence purchase decisions
- Need for speed gratification and why consumers demand faster services simply due to the removal of constraints and generalised expectations
- Video trends and making consumers feel in 6 seconds
- Messenger trends and why people have returned to using images, in modern forms like emojis and gifs, to convey meaning over words
- Blowout bars and the increasing fragmentation of the value chain to deliver a faster service that meets demanding consumer expectations and needs
Such a fascinating and refreshing conversation is had, from a very forward-thinking practitioner in Dan. Well and truly worth a listen!
Dan recommends reading Predictably Irrational by Dan Ariely.