It’s good to offer consumers choice, but not too much
Will Hanmer-LloydPeople value something more if they have options to choose from but too much choice hampers decision-making, especially if it’s hard to differentiate.
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Consumers think better of a product when they see the work that goes in
Will Hanmer-LloydThe ‘labour illusion’ means consumers perceive good products more favourably when they’re aware of the effort put in – but it also makes bad products look worse.
Marketers should think more about handbrakes than accelerators
Will Hanmer-LloydMarketers spend most of their time encouraging proactive behaviour change, but it’s much more effective to remove the physical and psychological barriers that block it.
Three steps to creating consumer habits
Will Hanmer-LloydBuying habits aren’t formed overnight, but they can be created through systematic application of cues, rewards and repeat behaviour.
The power of social proof is that thousands of people can’t be wrong
Will Hanmer-LloydSocial proof is one of the most robustly researched behavioural biases, and marketers can use it even more effectively when they have a distinctive product.
Brands that treat customers unfairly during the coronavirus crisis will be punished
Will Hanmer-LloydBrands that are tempted to raise prices during this time of scarcity are likely to be punished by consumers afterwards, as experiments show they don’t tolerate those who take unfair advantage of market power.
New year, new brands – it’s a real phenomenon
Will Hanmer-LloydResearch has found that customers are more open to trying something new soon after a landmark event, opening up an opportunity for brands to get them to switch.