Presentation #1 by Anouar El Haji: Skin In The Game: Putting Your Money Where Your Mouth Is
Traditional market research relies heavily on hypothetical questions. Behavioral economists have shown that this leads to a problem called the hypothetical bias; people tend to misrepresent what they really like and believe. To avoid this bias, consumers should have skin in the game. Asking consumers to vote with their wallet dramatically increases the reliability of consumer insights.
Presentation #2 by Ana Iorga: Supermarket of the future – understanding consumer behavior through a virtual-reality world
Today’s consumers are more and more demanding, living their lives simultaneously in the online and offline worlds. And the retail environment is following suit, changing faster than ever before. In order to understand shopper behavior we need to change the research paradigm. By using virtual reality and neurometrics, we are able to assess the impact that packaging and different in-store deco elements have on customers’ decision making and purchasing behavior.
Presentation #3 by Charlie Richards: Behavioral Economics: Research Output and the Case for Optimism
In a world where “…we could be hit by a tsunami of new data and an avalanche of expectations that overwhelm us as data scientists, and other specialists step into the space we once dominated”, Charlie will argue that the best practice of all is embedding Behavioral Economics into the way we communicate insight. Behavioral Economics has been ‘sexy’ for some time, but the opportunity in shopper marketing now is to make research indispensable by applying it to our output – giving clients interesting ideas about what to do, and a case strong enough for them to get it done.