【Illuminera Institute Invite】Sep 1st - Nudging The Consumers To Your Brand
Join us for a full-day seminar on rethinking marketing through the behavioral economics lens.
Marketing is all about gently guiding the consumers to your brand - or nudging them. In order to do this, it is critical to understand the factors which guide the consumers’ decisions. Both marketers and economists understand that these factors are seldom rational and often work at a subconscious level. Daniel Kahneman, who was awarded the Nobel Prize for his contribution to behavioral economics, describes two systems in the mind - System 1 and System 2. System 1 is automatic and quick and almost works as a reflex action. Whereas System 2 is reflective, deliberate and thoughtful. Unfortunately, System 2 takes a heavy toll of our mental and even physical resources and is exhausting and lazy. It is not surprising, therefore, that most of the time the consumers are governed by System 1 - a nearly spontaneous manner of quick decision making, which helps them decide which brand of washing powder, shampoo or the bar of chocolate goes in the shopping basket.
Behavioral economics, which a multi-disciplinary field trying to understand consumer behavior, offers a treasure of clues about the drivers of the consumer decision making. In order to nudge the consumer to your brand, it is important to understand which of these factors operate, in what contexts and circumstances, and how the marketers can harness them in their favor. These factors include:
Anchoring and arbitrary coherence which often guides what price will the consumer accept for your brand.
Ego depletion which may suppress the restraining influence of System 2 and result in impulse purchases, determining the design of store layouts.
Temporal discounting may make the consumer decide to binge now and pay later.
Framing and priming to better design communications to make the consumer desire your brand more ardently, as compared to any others.
The dichotomy between experiencing and remembering selves with implications on the design of consumer experience.
Mental accounting which may be used to better design pricing and nudge the consumer to premium products.
Brand choice is all about judgment and decision making. Marketers are the choice architects who create the right edifices to gently guide the consumer through the labyrinth of choices. Behavioral economics can help you better understand consumer choices and become better choice architects.
Program
Time：September 1 2017, 9.30 am -
5.30 pm
Venue: Le Royal Meridien Shanghai ( No.789 East Nanjing Road, Shanghai)
Registration fee:
Before August 18, 2017: RMB4,299 per participant
After August 18, 2017: RMB4, 999 per participant
(*the above rate is including lunch, coffee and training materials)
For Enquiries or Registration please contact:
Email: yuki.gu@illuminera.com | Tel: 8621 63608005 - 8081
Lead Trainers
Ashok Sethi - Head of Illuminera Institute.
Ashok heads the Illuminera Institute, whose mission is to expand the frontiers of marketing research and provide powerful insights and decision making support to marketing companies.
With over 30 years of experience in market and social research - in China, Hong Kong, India and other Asian countries, he has also worked as Regional Director for Best Practice and Methodology and Head of Consumer Insights for Emerging Markets at TNS.
He has extensive experience in both qualitative and quantitative research and in sectors as diverse as FMCG, Finance, Healthcare, Telecoms, Automotive and social marketing and has worked on a diverse set of projects focusing on consumer insights including the luxury market, the digital evolution, retail trends, youth research and on consumer trends in Asia.
Ashok’s has diverse interests, which include statistical methods, behavioral economics and ethnography. He is an active speaker on Asian and Chinese markets and consumer trends at various industry and marketing forums and is a regular contributor to the business press.
He writes a regular blog on consumer insights: https://www.linkedin.com/in/ashokset/
Paul Zhou - CEO of the Illuminera Group
With over twenty years of experience helping companies in various industries addressing their strategic marketing issues, Paul Zhou delivers substantial value and impact by revealing powerful insight and promoting profound point of views.
Paul is the founder and Managing Director of The Illuminera Group, a premier insight-driven strategy consulting firm well known in the industry in China. Illuminera boutiques provide top-notch expertise in corporate strategy, brand positioning, growth strategy, strategic innovation, big data analytics, and etc. Employing over 60 full-time consultants, Illuminera counts many MNCs as client such as McDonald’s, Wyeth, Nestle, Hershey’s, Pfizer, MSD, GSK, Bright, Lenovo and Jahwa etc.
Before founding Illuminera, Paul Zhou was the General Manager of TNS in Shanghai and Guangzhou. Prior to that, Paul Zhou has worked with ACNielsen (New York) and Frito-Lay (China).
Paul Zhou has a MBA degree from the University of Michigan, Ann Arbor.
