Behavioural economics is an entirely practical field about how people make decisions and what drives their behaviour. It gives you the tools to understand, predict, and influence them.
As long as you do your business with humans, you will forever benefit from this knowledge.More and more, marketing and communication are becoming a science. A science about what makes customers tick, how they behave and make decisions.
What will participants learn/achieve?
Zoom. Red Bull. Uber. Nespresso. Dyson. Starbucks. Amazon Prime. Netflix. None of these businesses made sense at their inception. No-one was asking for a $700 vacuum cleaner, or asking to pay $0.75 for a single coffee they prepared themselves at home.
My contention is that all of them to some degree owe their billion-dollar valuations to the discovery – whether intentional or accidental – of social and psychological needs, or perceptual quirks in psychology, which economics and MBA theories will never tell you.
Who is it for? Career Stage?
Career stages 5,6 & 7
CMO, director level, C-Suite
What is the course’s USP?
The scope for economic progress does not only lie in new technologies. It can equally come from new learnings in psychology which lead to a truer understanding of what people really value in life.
Marketer Pathways Competencies
- Marketing Strategy
- Customer Centricity
- New Product Development
- Commercial Acumen
- Change & Improvement
- Decisions & Judgement
- Planning & Prioritisation
- Negotiation Skills
- Relationship Management
Vice Chairman, Ogilvy UK
Rory is the Vice Chairman of Ogilvy, an attractively vague job title which has allowed him to co-found a behavioral science practice within the agency.
He works with a consulting practice of psychology graduates who look for ‘unseen opportunities’ in consumer behaviour – these are the often small contextual changes which can have enormous effects on the decisions people make – for instance tripling the sales rate of a call centre by adding just a few sentences to the script. Put another way, lots of agencies will talk about “bought, owned and earned” media: we also look for “invented media” and “discovered media”: seeking out those unexpected (and inexpensive) contextual tweaks that transform the way that people think and act.
It is a hugely valuable activity – but, alas, not particularly lucrative. This is because clients generally do not have budgets for solving problems they did not know they had.
Before founding Ogilvy Change, Rory was a copywriter and creative director at Ogilvy for over 20 years, having joined as a graduate trainee in 1988. He has variously been President of the IPA, Chair of the Judges for the Direct Jury at Cannes, and has spoken at TED Global. He writes regular columns for the Spectator, Market Leader and Impact, and also occasional pieces for Wired. He is the author of two books: The Wiki Man, available on Amazon (at prices between £1.96 and £2,345.54, depending on whether the algorithm is having a bad day), and the best-selling Alchemy, The surprising Power of Ideas which don’t make Sense, published in the UK and US in May 2019.
Rory is married to a vicar and has twin daughters of 18. He lives in the former home of Napoleon III – unfortunately in the attic. He is a trustee of the Benjamin Franklin House in London and a Patron of Rochester Cathedral.