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What I have learnt so far from working and traveling with a behavioral economist.
11
OCTOBER, 2017

Business

Marketing

Culture

Behavioral economics is an amazing topic at the moment, everyone is seeing the advantages and wants to implement it in their own organization, and I can tell you this… From a business perspective I can completely understand why everyone is so crazy about this subject!

But this is not only happening in the business area, this year Nobel Prize in economic sciences was for Richard H. Thaler. Well known as the nudges Guru.

As The Royal Swedish Academy of Sciences said it was given to him “for his contributions to behavioral economics.”

So far so good… It is something worth to know about right? Or at least that is what I thought, before I started working with Lead Tcm&L, a behavioral economic company specialized in bringing science to business with practical solutions.

WASOE (my company) is in the content marketing, so we are kind of used to work with different types of clients, having a scientist/professor as a client was weird and for some people in the marketing a bit boring, surprisingly it was an enlightening experience both personally and professionally. I was actually… Excited to be able to work with someone like that.

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Everything I thought about this subject was completely wrong.

Yes, “you know nothing Jon snow” This thing goes further than what I thought. At the moment, everyone is using psychological insight for everything! From the government to the biggest companies in the world, everything you do online has been analyzed and prepared specially for you, “hey but we already knew that” No! Believe me you don’t…

I was amazed when I saw what Data, nerds, marketing and psychology all combined where able to do.

They are not predicting the future, they are not predicting behavior. They are dictating behavior and human actions/interactions.

And no! There are no angry bad people trying to control the world. They are using this to make people make the right decisions. Better decisions.

Decisions as:

  • Starting saving for your pension
  • Choosing the best hospital for a specific treatment
  • Making people go often to the gym

And many, many more.

“They are not predicting the future, they are not predicting behavior. They are dictating behavior and human actions/interactions.”

You can nudge everything

So, is this behavioral thing only for businesses? No, these people are using nudges for everything even for themselves. How crazy is that? Apparently our brain is really lazy and that is something no one can permit in an age where change is everything.

“Nudging yourself is like a computer that is reprogramming his own source code” that is how I see it. Can we please make a quote of that?

I will make a specific blog for this subject “How to nudge that lazy brain of you”

So Ali Fenwick the man behind lead Tcm & L spent 7 years studying the reflective capacity of the mind and he came with a formula on how to increase your chances to success. I will write down the 3 most important topics, if you are interested and want to know more I recommend you to watch is Ted talk

The formula: The formula:

  • Forming, our ability to create or to emerge ourselves into new surroundings
  • Bonding, the ability to form strong psychological connection true the process or reciprocity (giving is receiving)
  • Serving, giving others the opportunity to grow (again giving is receiving)

I started doing that in my day in and day out, I was curious and intrigued to know if doing these things will affect the way people behave to me, and most important will that affect the way I behave to the world around me?

It worked. My workers started to see me as a leader instead of a boss they found me more inspiring. Our productivity went incredible high and I became very social in places where I was not social at all.

CEO – Concept developer At WASOE

Dubai is made for this

We went to Dubai for one of Ali’s masterclasses in Behavioral Economics, what I found is that people in Dubai are all using those things consciously and unconsciously, they created the perfect environment for grow, and for what I saw big names there are really investing a lot in this topic. So if you want to compete in today’s market this is definitely one of those things that you really need to know about, actually only knowing about is not enough. Make it work for you.

Marketing on steroids

I found that sitting in an office with a professor is the most intensive course/class I have ever done in my life, I am able to hear, interact an experiment with everything they are doing, at the same time they are combining my marketing insights into their projects, how cool is that?

I believe that Artificial Intelligence combined with psychology/behavioral insights is the new marketing, everything under that is useless in the world where we are going to. You are not speaking only to humans anymore, we are fighting algorithms we are moving people from A to B and then back to A. Traditional marketing strategies on their own are obsolete in a world that is moving faster than what we can imagine.

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