IDM Award in Behavioural Economics
Learn how unconscious biases can be harnessed in your marketing campaigns and understand the theory and practice of assembling simple experiments and applying the results
- You will learn to
- Details
- Course availability
During your Award in Behavioural Economics, you will learn:
- How the study of behavioural science can benefit marketing practices
- How classic campaigns have put behavioural economics into practice to harness bias
- The EAST framework for nudging behavioural change
- Why using data to inform decision-making is more reliable than opinion
- The processes you should follow to achieve robust results from your experiments
Ways you can learn with us
Virtual Classroom: Tutor led, live, online classroom environments, find out more here: Virtual Classroom
Online: Self Study, via an always-on, always open portal, providing an engaging multimedia learning experience, find out more here: Online Learning
In person: face-to-face, tutor-led classroom training. To ensure everyone's safety while attending courses at our training centre, we're taking a range of precautionary measures. You can find the full list, here
Details
- Level
- 5
- Duration
- Online (35 CPD hours)
- Rating
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To discuss your options, please get in touch with one of our learning and development team:
Qualification Information
Introduction to behavioural science
- What is Behavioural Economics?
- Why we should use behavioural economics in marketing
- Three ways you could be harnessing behavioural economics
Behavioural science themes
- The danger of claimed data – why it is better to observe behaviour than listen to consumer claims
- Overestimating the importance of target audiences
- Give more emphasis to target contexts
How some of the most successful campaigns of all time have been based on biases
- De Beers - anchoring
- Nespresso – price relativity
Introduction to the Behavioural Economics framework
- Frame works MINDSPACE and EAST
- The government implementation of Behavioural Economics
Make it easy
- How small pieces of friction can have a disproportionate influence on behaviour – look at the example of suicides (North Sea gas and paracetamol)
- How many brands suffer from choice paralysis and what they can do about it
How to run a robust experiment
- Setting up your hypothesis
- Understand the context with in the data
- Reach meaningful conclusions
Make it attractive
- How consumers don’t have enough time or energy to weigh up decision rationally.
- How prices can be made to appear more attractive - scope insensitivity & payment method
- How promotions can be made to appear more attractive – plausibility
- Counter-intuitive ways of boosting attractiveness: pratfall effect
Make it social
- How consumers look to others when making decisions
- Show how social proof can backfire
- Show how social proof can be used creatively
Make it timely
- How the same message can have a markedly different effect depending on when people hear it
- Why talking to consumers after a life-event is a window of opportunity
- How brands can capitalise on the fresh start effect
- Why brands should give disproportionate emphasis to the peak and final moment of the experience they create
Online
Enjoy the flexibility of devising your own personalised study routine with your programme deadlines via a stream of online content run over 12 months. You will receive email support and 24/7 access to course materials. For more information call 020 8614 0277.
You can enrol directly via the IDM website but if you would like to discuss your enrolment or have any questions please call us on 020 8614 0277.
Exams and assessments
In order to attain the Award in Behavioural Economics you must successfully pass two x one hour online exams.
Pass marks and grades
To pass this programme you will need a minimum of 60% in the exams. In the event that the minimum pass mark is not met you will have the opportunity to resit at a later date.
Get in touch...
To discuss your options, please get in touch with one of our learning and development team: