The behavioural science expert gave insights on leveraging human behaviour to become better marketers.
Author of ‘The Choice Factory’, Richard Shotton conducted a workshop on the second day of Star FLOW Festival, Gurugram. The theme for the workshop was ‘Behavioural science in marketing’, where Richard gave insights on how the scientific advancement in human behaviour has enabled marketers to better understand consumer attitude and hence design their marketing strategies accordingly.
Richard shed light on a plethora of strategies that marketers can employ to garner more eyeballs amidst the competitive atmosphere. "Make it attractive," said Richard, "We are wired to be attracted to things that stand out." Explaining the need for being different, yet attractive, Richard showcased a poster of metal band emblems and asked the audience to name the one that stands out.
The workshop included many activities that sought audience participation regarding marketing strategies built upon behavioural science. Illustrating consumer biases in purchase decisions, Richard explained how product price range can affect behaviour, especially due to its relevance in the market. "So, a consumer might not buy the super-premium product a brand has to offer, because well, it's expensive. But they'll also not buy the cheapest product, because it feels cheap," Richard said.
Pointing out the need for premium products, and how they can affect brand identity and sales, Richard said, "Brands often launch premium products, and then realise that the sales aren't coming in. But, with proper management, the premium products can affect the ROI positively."
In a question-answer session, the workshop also brought forth some interesting and creative ideas that people could come up with. Richard started his career as a media planner 19 years ago working on accounts of brands like Coke, Lexus, and comparethemarket .com, before founding Astroten Consultancy that specialises in applying behavioural science to business problems.