- WHAT WE’RE COVERING: Differentiation Why it’s still an important factor in today’s ecosystem – The Science Behind Discounting: Why it’s important plus global examples of campaigns with science underpinning them.
- “The next time you’re making a change in your company, launching a new product, or even re-defining your brand, stop asking yourself where you can fit in your current space, and ask yourself what you can do to stand out, instead.” Steve Harvey, Fabrik Differentiation and value-add is becoming more of a challenge.
- To be innovative and successful, we have to:
- Do something that makes life easier or more innovative
- Find a way to stand out from the crowd. Think differently.
- The masters of behavioral economics (Rory Sutherland Chairman @ Ogilvy, Richard Shotton The Choice Factory)
- Behavioral Economics & Couponing
● Scarcity Principle
● Complementarity
● Value Perception
● Relevancy
● Social Bias
● Price Anchoring Heuristics
- Heuristics are simple, efficient rules which people often use to form judgments and make decisions. Also referred to as your brain’s mental reflexes and rapid insights.
- Pakistan against England for the 2017 ICC Champions Trophy Yasiel Puig (LA Dodgers) catch vs. NY Mets, 2014. MLB; YouTube.
- HEURISTICS 90 meter distance Peak height Travelling at 92mph 48.7 degree angle of trajectory
- SCARCITY PRINCIPLE. FOMO. Exclusivity. We know it by many names, but it’s all fundamentally about the same thing: if it’s hard to get, it must be worth something. People attach more value to things that are few in quantity.
- COMPLEMENTARY A relationship or situation in which two or more different things improve or emphasize each other's qualities.
- VALUE PERCEPTION Lies at the heart of marketing and deals solely with the customer's perception of a product.
- RELEVANCY the quality or state of being closely connected or appropriate to someone.
- SOCIAL BIAS The Bandwagon Effect is characterised by the probability of individual adoption increasing with respect to the proportion who have already done so.
- Single Choice “Apple made a simple design choice in 2001 that sent it into the stratosphere” – Chris Weller
- SOCIAL BIAS Booked 26 Times Today Booking.com also tells you how many times a particular hotel has been booked today, which means the hotel must be a desirable place to stay (and you’d better book your stay now before they’re all booked up).
- PRICE ANCHORING Anchoring Refers to the tendency to heavily rely on the first piece of information offered when making decisions.
- IN SUMMARY Differentiation remains a key focus Our campaigns are shifting to creativity and an improved focus on user behavior Groupon Coupons needs YOU!
