Nudgetalk RADIO Episode 19 - Behavioural Science, Trust & Brand w/Mark Ritson
Dec 20, 2018
Marketing expert Mark Ritson discusses the importance of behavioral science in marketing, including framing and pricing strategies. He explores the advantages of online experimentation, the drawbacks of relying solely on digital data, and the importance of brand loyalty and consumer preferences. The podcast also dives into the concept of ultra targeting in advertising and raises ethical questions about dark advertising.
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Behavioral Science's Role
- Behavioral science in marketing often has a micro focus, exploring short-term cognitive impacts.
- It provides an evidence-based way to understand how people process information, sometimes through "mental trickery."
Behavioral Science's Focus
- Behavioral science excels in superficial cues like packaging, communication, and pricing.
- It's a challenge to apply these principles to product design or broader strategy.
Benefit Cosmetics Example
- The CEO of Benefit Cosmetics, Jean-Andre Rougeot, foresaw the future of cosmetics in oral beauty and supplements.
- This parallels how behavioral science could focus on deeper product changes rather than superficial tweaks.