THINK DIFFERENTLY. SEE THINGS DIFFERENTLY. DO THINGS DIFFERENTLY.

How Consumers Buy: Behavioral Economics and Marketing

The A-Z of Behavioral Economics and Marketing
By Chiqui Escareal-Go
 

How do consumers really make decisions? Are there ways to anticipate or influence emotional and psychological levers that trigger a response or action?  Do we even know where to begin beyond numbers in sales reports?
 
In a perfect world of data and technology, all you need are available information and algorithms that can conveniently predict what a person would click, buy, download, browse, or share, or even know the when, where and how of a customer’s buying journey.
 
While access to information (therefore research and development) has become easier and faster, understanding consumer behavior for that big insight has remained challenging – we may know the what’s and the how much in any transaction but not always the why’s, sometimes even the customers themselves are unsure of their reasons for doing or buying.
 
Beyond what the data and digital access that can predict trends and patterns, the 21st century marketer, therefore, must also try to understand and be ready for the many nuances, irrationalities, inconsistencies and surprises that can happen in any customer journey.  
 
This course looks into how consumer beliefs influence choices or decisions using behavioral theories and concepts can be used in formulating marketing, sales and implementation plans, product/service or user design, among others, to provoke customers to make decisions toward desired actions and behaviors - something the marketing tasks of awareness, availability, trial and repeat purchase are already trying to do.  This process is done with an awareness of consumer psychological risk taking and biases and a scientific design for experimentation.
 
There are over 40 behavioral concepts to be discussed in 2 days, to give participants new ways of looking at things and new ideas to try to influence or “nudge” one’s target market to make decisions in a faster or easier way.
 
METHODOLOGY:
Besides the lectures with case examples and AVPs, there will be pre-work, class discussions and workshops, for immediate application.
(Note: To maximize learnings, the class size is limited to the first 20 confirmed participants, please apply early)
 
 
KEY BENEFITS FOR PARTICIPANTS
Participants will:
·         Find new ways of understanding customers who might not be even aware of their own behaviors or desires
·         Be able to craft different experiments  and different ways of implementing marketing and sales ideas
·         Develop critical thinking skills while realizing occurrences at both macro and micro levels
·         Appreciate their own ways of learning, thinking and doing via better self-awareness and empathetic openness to each others’ differences.
 
KEY BENEFITS FOR COMPANY
The sending company will:
·         Benefit from the new ways their teams can produce new ideas and ways of executing their marketing and sales plans
·         Have more customer-centric teams who not just have better understanding but also new ways of communicating to their target customers to achieve desired results
·         Have a team with higher critical thinking approaches to solving marketing and sales problems                                                                                
 
WHO SHOULD ATTEND: This program is ideal for marketers of all levels who need new lenses in crafting ideas to increase sales, to make things happen for the consumer and the brand.
 
PROGRAM OVERVIEW                                                                                   
This program is ideal for marketers of all levels who need new lenses in crafting ideas to increase sales, to make things happen for the consumer and the brand.
 
Module 1:  Understanding customer behaviors
·         Beliefs, Memories and Perceptions
·         Making sense of behavior
Module 2:  Managing customer expectations and experiences
·         Choice Environment and Heuristics (Cognition and Emotion)
·         Risks and Biases
Module 3:  Behavioral Economics as a template for new ideas and innovation
·         Placing the customer journey in context (socio-cultural, economic, political)
·         Constant experimentation
Module 4 :  Putting it all together
·         The ethics behind nudging
·         Influencing for action
 
 
Over 20 industries to inspire you to apply concepts in your own industry:
Airline
Bath, Shampoo, Skin care
Clothing
Dining
E-commerce
Education
Energy
Finance
FMCG
Gaming
Government
Healthcare
Hotel
Military
Real Estate
Technology
 ABOUT THE INDUSTRY EXPERT
CHIQUI ESCAREAL-GO 
CEO and Chief Behavioral Strategist     

 


 

  • Co-author/editor of 8 marketing and entrepreneurship books
  • Chair of the Women’s Business Council PH
  • has finished the 1-year Advanced Management Program (IESE Business School New York and Barcelona)
  • Executive Scholar in Marketing and Sales (Kellogg Business School)
  • took advanced marketing programs at Columbia Business School (Ceibs campus), Harvard Business School, University of California-Berkeley, IESE (New York)
  • Certified Master Coach (by the Behavioral Coaching Institute) and Certified A.I. Training Facilitator (by Company of Experts USA)
  • one of the Top Filipina Entrepreneurs 2011 (Trailblazer category)
  • Go Negosyo Enabler Awardee 2014; ASEAN Women Network Awardee 2015

has an M.A. in Anthropology, University of the Philippines (thesis pending)