Let’s look beyond consumer insights and start leveraging ‘irrationalities’
Are consumer insights the only sources of influencing consumer choices? In the eternal pursuit of the killer insight that will give birth to a product innovation and a clutter-breaking advertising campaign, we may have missed a treasure trove of tricks from the most exciting and ‘practical’ theory for our business- Behavioural Economics. Whether it be from the saints of the field like Daniel Kahneman to pop psychology writers/thinkers like Dan Ariely, there is enough out there for us to use to influence consumer choices without spending lakhs of rupees and months of research in speculative concepts and experimentation. Let’s brainstorm together on how we can embrace behavioural economics in what we do and find it a place in the creative brief.