I mean, such a simply written text of pages ought to have finished in no time. All the same, there are ideas in this book that are important no matter where you live.
Starting with the Institute of Decision MakingDraftfcb has been one of the leaders in thinking about how to incorporate the discipline of behavioral economics with the practice, and business, of modern advertising and marketing. Recently, Kenny has put together a set of video lessons that serve as a guide to using behavioral economics in their work.
Behavioral economists have long looked at marketers and advertisers as people who have been applying behavioral principles for years.
With the rise of behavioral economics as a recognized discipline, how would you say marketers and advertisers look at the work behavioral economists do?
Your point about marketers having used behavioral principles for years is a critical one. Most marketers are looking at behavioral economics as something that will transform what they do, but in truth it helps them understand better what the best creatives have always understood, albeit unwittingly: That people are not rational.
The best creative has always been built on that insight, and is inevitably more creative, more breakthrough, more persuasive and more effective. Behavioral economics helps us understand why great creative works.
The term behavioral economics has been floating around the industry for a couple years now, and more marketers are familiar with books like Nudge. Is behavioral economics just going to be a fad?
If anything, behavioral economics impact will only grow in the future, because it works hand in glove with the growing centrality of digital solutions in marketing.
Behavioral economics will increasingly be providing the behavioral insight that drives digital strategy. It can be easy to think about the relationship between behavioral economists and advertisers and marketers as a one-way street. Do you think marketing professionals can offer insights and lessons to behavioral economists?
What they tell us is three fold. First, marketers give behavioral economists access to huge behavioral databases that scream for behavioral analysis. Second, marketers can give academics great opportunity to test their insights. Public policy is a tough place to try something new, whereas marketers will inevitably have far more license.
Finally we find ourselves invited to give a lot of presentations at universities by academics. Marketing is a great way of introducing students to the pervasiveness of behavioral economics in the messaging that surrounds them every day, and get them interested in the field.
Draftfcb launched the Institute of Decision Making in June Can you give us an update on its work over the past year? Now, coming off that, our focus in the coming months will be ensuring that behavioral economics is not see as a separate skill set, but one that all departments in the agency are familiar with, and that our planners see as a core skill set.
What behavioral economics concepts have you found to be most relevant or powerful in your work?
What value do you think BE brings to your work? Three favorites come to mind: Within the digital space, one of my favorite applications has been in the area of couponing, which is typically very rational. Draftfcb combined a standard financial discount coupon with a lottery prize that had a social component.
What has been the reaction to introducing BE concepts into pitches from chief marketing officers? Some are very interested, but ultimately what the care about is the work.Health Is Better Than Wealth, What Is Your Opinion?
Essay Sample. All the wealth in the world is useless if you don’t have the health to enjoy it. To me health IS wealth. It’s as simple as that. If one is in good health, he can find wealth but show me anyone who can buy good health.
As would be expected, wealthy countries like the U.S., tend to spend more per person on health care and related expenses than lower income countries.
The correlation between health and wealth is arguably a very solidly established relationship. Yet that relationship may be reversing. Falling oil prices have raised (average) per capita incomes, world-wide. But from a long-run perspective they are a public health disaster.
You could be very rich, but if you're always sick, you can't enjoy it. Better to be healthy and be able to enjoy your life.
The Nudge blog sat down (electronically) with John Kenny, Senior Vice President of Strategic Planning in Draftfcb’s Chicago office, to explore whether behavioral economics is just a fad in marketing or a legitimate tool to help the industry perform better.
Starting with the Institute of Decision Making, Draftfcb has been one of the leaders in thinking about how to incorporate the discipline. Feb 03, · "The U-shaped association between jogging and mortality suggests there may be an upper limit for exercise dosing that is optimal for health benefits," said study author Peter Schnohr.