Understanding human behaviour is at the heart of product success. How can we tap into this potential?
They’re not the target customer and they have no idea how much the ring should cost.
Here’s an ad by De Beers that came out shortly after WWII. Giving expensive diamond engagement rings was not really the norm back then.
Men who didn’t know how much to spend on a ring now had a range in mind. It didn’t matter if they earned $200 a month or $20000. It also set expectations for women on how much their engagement ring should cost, at the very least.
De Beers tried this with different numbers in different countries. In Japan, they used 3 months and that worked as well.
This is a prime example of behaviour science at work in marketing.
Speak out the colour in which each word is written:
Why was it slightly trickier to name the right colours for the alternate lines?
This is a famous experiment called the Stroop effect and is widely used to measure a person’s selective attention capacity and skills, as well as their processing speed ability.
Your brain is a complex part of your body and is responsible for a lot of things. It tries to automate as many things as possible to reduce the cognitive load of processing something new each time.
Effectively your brain has 2 systems:
System 1 is sub-conscious, intuitive, fast, instinctive and plays a major role in everyday decisions.
System 2 is conscious, reflective, reliable and the one that makes complex decisions. It is, however, also lazy and relies more on System 1 to take care of day to day processes unless required otherwise.
A lot of our day to day decisions are not based on us thinking rationally.
And yet, most public policies, marketing, advertising and product development processes are built on the premise that consumers are rational.
Cognisance of this can help product managers and designers build products that are intuitive and marketers in crafting effective messaging.
A quick tip: Convenience stores place more expensive items on shelves that are at eye level and try to bury others deep down, just so you can buy pricier items more. Now that you know this, you’ll probably save some bucks on each visit. You’re welcome!
Data Science and Analytics market evolves to adapt to the constantly changing economic and business environments. Our latest survey report suggests that as the overall Data Science and Analytics market evolves to adapt to the constantly changing economic and business environments, data scientists and AI practitioners should be aware of the skills and tools that the broader community is working on. A good grip in these skills will further help data science enthusiasts to get the best jobs that various industries in their data science functions are offering.
Analytics India Magazine brings the list of leading analytics and data science products for the year 2020 that have positively impacted businesses across the globe, helping them make decisions. To source the best 10 products, we reached out to more than 25 companies. Ranging from serving financial sectors to manufacturing, retail, solar and other industries,…
Data is top of mind for most product managers. Models Will Run the World, with the big winners being those model-driven organizations that build products that collect data.
Managing Data Science as Products. How data science teams can apply product management practices to solve their biggest challenges
In this blog here, we try to understand the role of data product managers within organizations and how they utilize data science, machine learning, and artificial intelligence to solve problems.