Breakfast and behavioural economics
ABA is making more and more use of the science of Behavioural Economics; loving its power to lay bare the real reasons humans act the way they do. We’ve been exploring its implications for retailers – implications that are both varied and substantial.
For example, one central finding is that many of the decisions consumers make aren’t rational but based heavily on emotions and split-second, ‘gut-feeling’, judgements. Our brains take short-cuts and are governed by inherent biases; ‘System 1’ thinking that asserts itself in 90% of purchase decisions – even on big-ticket items where many of us would be adamant we’d considered all the facts!
Without being alive to these biases and patterns of thought, ABA risks coming to the wrong conclusions and recommendations. We believe BE needs to be built into every stage of our research process:
To do this we’ve been running breakfast events with clients, to help turn BE thinking into a tool with real-life applications. We know how hard it is to take time out and how much harder still it is to action theory, so our sessions are quick and easy to digest, and have a bit of fun thrown in.
Fancy getting up to speed over some pancakes? Just get in touch