Behavioral economics is nothing new in marketing, having been a core industry discipline for the past few decades, but there's a new kid in town and that's supercharged behavioral economics. Behavioral Insights (BI) has long been a tool for government departments to Phone Number List improve public policy design and implementation, with its umbrella spanning research in behavioral economics, science, and psychology. Its goal is to understand and influence behavior change among citizens by:Simplify processes Remove unnecessary steps Make services more user-friendly We believe this also translates perfectly into marketing when improving and enhancing the customer experience.
Nudge and learn – a winning approach Much like in conversion rate optimization (CRO), services are streamlined by testing subtle changes to the Phone Number List design, content, timings and navigation of websites, letters, emails, forms and other methods of communicating with citizens. Something as simple as changing the website link in a letter or enabling the default option instead of unsubscribing can have a small but substantial impact on user behavior. For example, when the Department for Work and Pensions (DWP) tested this with automatic pension enrollment, it found a significant increase in take-up, from 63% to 81%. Simplifying processes like this means that the utilization of services is increased and they become more efficient and cheaper to run.
A win-win situation from all points of view, both for the citizen who uses the service and for the administration that provides it. It is this “test and learn” ethic that marketers know all too well and so the BI approach offers the perfect premise for marketing optimization. Behavioral insights and marketing Behavioral insights (BI) is about understanding and changing behavior — and ultimately, as marketers, that's our goal, too — through understanding and optimizing the Phone Number List customer experience. Simplifying processes, making brand interactions more intuitive, getting more clicks on our emails, and encouraging more online conversions – these are all shared goals within BI and marketing. But there is a question of ethics. Where BI aims to improve the well-being of citizens through the optimization of government policy, services and communications;