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

B2B Loyalty Dynamics Webinar with Peter Lavers and Amanda Cromhout

B2B Loyalty Dynamics Webinar with Peter Lavers and Amanda Cromhout

Everyone who’s passionate about customer centricity would agree that loyalty is a good thing. But w...

Read More
Rewarding Results: The Metrics that Matter in Evaluating Loyalty Programme Performance 

Rewarding Results: The Metrics that Matter in Evaluating Loyalty Programme Performance 

Understanding which metrics accurately measure customer engagement is crucial to the effectiveness o...

Read More
How expert client services results in genuinely happy clients and successful B2B loyalty programmes

How expert client services results in genuinely happy clients and successful B2B loyalty programmes

In this interview Laura Lloyd, our Client Services Director, addresses how, at Stream Loyalty, we ai...

Read More
The Human Connection

The Human Connection

Nairne's latest article discovers how humans are craving a human connection in a world post pand...

Read More
Your September Monthly Streamspiration

Your September Monthly Streamspiration

This month's Streamspiration takes at look at our new partnership with The Wise Marketer, the la...

Read More

LoyaltyStream Key Features

  • 21 loyalty campaign types to suit every business
  • Options to deploy gamification campaigns such as Spin-To-Win and Prize Draws as well as Badges
  • Ability to track and reward all behaviours from transactions to actions
  • In-depth visual analytics and insights on Campaigns, Members, actions and transactions
  • Customisable CRM and segmentation options to suit your Member profile
  • Scalable modular SaaS platform that can grow with your business

 

Contact Us:

+44 (0)1844 208180

contact@streamloyalty.com

Carter House, Chilton Business Centre, Chilton, Buckinghamshire, HP18 9LS

Connect With Us:

Learn more about loyalty


Stream Loyalty on LinkedIn Stream Loyalty on Facebook Stream Loyalty on Twitter


Privacy Policy

Terms of Use

Cookie Policy


We offset our carbon footprint via Ecologi
Empty
Click + to add content