29Sep

Introduction to Behavioural Economics - Wednesday Wisdom

As part of today’s Wednesday Wisdom, I took the team through a number of behavioural economics principles.

As a loyalty Account Manager here at Stream Loyalty, it is vital that I understand the reasons why our clients customers engage with their brand, remain loyal whilst also proving  that our programmes contribute to their customers retention/ growth of the share of wallet.  

Part of this is understanding human behaviour. Why do customers engage with a brand? What can you do to change behaviour? What intrinsic reward can you include in the programme to make it desirable?

The learnings that I apply are what I have learnt from my studies into behavioural economics.

When taking the team through today’s Wednesday Wisdom, I learned that a number of my colleagues actually have been taken in by some of the behaviour principles such as the loss principles.

Loss principles state that as a customer, you have a fear of missing out. Argos utilise this very well by showing that x number of people are also looking at the same product as you which prompts you to buy the product using emotion, rather than rationalising whether this product is the correct one you would like purely so that you don’t miss out.

About the Author

Related

Famous Marketing Campaigns - Wednesday Wisdom

Famous Marketing Campaigns - Wednesday Wisdom

Nairne hosted our Wednesday Wisdom on Wednesday 20th October titled 'Famous Marketing Campaigns&...

Read More
The Power of Customer Loyalty in Business: A Comprehensive Guide to Long-Term Success

The Power of Customer Loyalty in Business: A Comprehensive Guide to Long-Term Success

In the world of business, customer loyalty is not just a buzzword; it's a strategic imperative. ...

Read More
Planning your next Reward Campaign (what to think about)

Planning your next Reward Campaign (what to think about)

Alice's latest article explores what to think about when planning your next reward campaign.

Read More
International Women's Day 2023

International Women's Day 2023

International Women's Day (IWD) celebrates the social, economic, cultural and political achievem...

Read More
Journey through the world of customer motivation and loyalty from the perspective of Stream Loyalty MD, Mark Maclure

Journey through the world of customer motivation and loyalty from the perspective of Stream Loyalty MD, Mark Maclure

In this interview, Mark Maclure, MD of Stream Loyalty, takes us through his journey in loyalty, focu...

Read More
Navigating the Complexities of B2B Loyalty Programmes

Navigating the Complexities of B2B Loyalty Programmes

Join us in a deep dive into member participation and engagement. We will illustrate how loyalty prog...

Read More
Empty
Click + to add content