We recommend nudges and other strategies to encourage customers to better decisions.
We test nudges to ensure they will create a measurable impact on ROI.
What is BE?
Unlike traditional economics, which assumes that people make decisions with the logic and rationality of Mr. Spock, BE combines psychology and economics to show how people make decisions in real life. When faced with complex financial choices, people tend to act more like Homer Simpson than Mr. Spock. They get swept away by emotion, they rely on intuition and hunches, and they take mental shortcuts that lead them astray.
Behavioral scientists have discovered the existence of dozens of mental blind spots, known as cognitive biases, that cause people to make irrational decisions. Examples of these cognitive biases include:
Over time, behavioral scientists have developed subtle cues -- nudges -- to encourage consumers to overcome these cognitive biases and make better choices. Nudges are a means of altering behavior in predictable ways by making subtle suggestions, using indirect incentives and by framing choices in ways that will encourage better decision making. Nudges should be easy and cheap to avoid, without making any choice mandatory.
We use Behavioral Economics to take your product and services to the next level.
We use BE to map your customers' journey and conduct a comprehensive service audit.