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[Research] Understanding behavioural economics – back to basics – Future Thinking

It feels like everyone’s talking about Behavioural Economics these days. System 1, System 2, implicit, framing, priming, anchoring…. There’s a lot going on, and much of it can feel like it’s shrouded in a cloud of neuroscience jargon and academic references.

  • Utilising a psychological model called the Trans-theoretical Behaviour Change model to develop a technique to quantify, predict and explain a consumer’s likelihood to change their current behaviour; (whether that’s changing brands, eating healthily, quitting smoking, or pretty much any other measurable behaviour). This is a validated psychological technique that can be simply added to any quantitative questionnaire, and allows you to segment your target audience by which stage they’re at in the process of changing their behaviour.
  • Measuring Galvanic Skin Response, (electrical responses in the skin) in focus groups to understand whether what people say in qualitative research is consistent with how they really feel, whether they know it or not.
  • Using an implicit priming technique in our online surveys, by flashing brand imagery so quickly that it’s not detectable by the conscious brain, to understand the true impact that brands have on consumer behaviour
The research industry as a whole has been developing its understanding of Behavioural Economics for a number of years now, and the momentum continues to gather, with new methodologies evolving all the time.

Here at Future Thinking we thought it would be a good idea to take a step back, and offer up a little refresher of some of the basics.
 

Download our free overview which highlights:

  • What is Behavioural Economics?
  • Exactly what is its role in market research
  • Different methodologies and the type of reaction they capture
  • New approaches we are integrating into research including: Trans-theoretical Behaviour Change model, measuring Galvanic Skin Response and Implicit priming techniques
Dan Young, Future Thinking

Our in-house innovation centre, Quantum Lab, is constantly evaluating and developing new techniques to help better understand consumer motivations and behaviour.For more information on behavioural economics and innovation in research please call or email Dan Young +44 (0) 3333 208 220

John Whittaker | Head of Marketing
D +44 (0)1865 336 463 | M +44 (0)7879 634 607 | futurethinking.com