Turning negative into positive

Each year, many of us put 'get in shape' as one of our New Year resolutions - as this happens every year, clearly something is not working! One solution could be a new app/ website called GymPac. This uses Behavioural Economics principles to nudge you off the couch and into the gym. Read on to find out how a negative can help lead to a positive.

http://techcrunch.com/2012/01/01/gympact-launches-to-help-you-keep-your-fitness-resolutions-by-paying-if-you-dont/

Can gut feeling help us make better choices?

In his book Gut Feelings, the German psychologist Gerd Gigerenzer found out that taking time and analyzing does not help us make better choices. These results were consistent with other experiments in chicken sexers, chess masters, professional baseball players, award-winning writers and composers. How does this thinking apply in business? How do our customers choose one product/service over the others? How does the subconscious mind speak louder in influencing our decision?

http://www.smh.com.au/business/in-business-less-can-often-be-more-20130609-2ny3b.html

How behaviour economics affect your shopping

You may wonder what biases make you do stupid things when shopping. This article gives an explanation for that. At DeltaMV, we apply these biases when working on our analysis to change behaviour. Have a read to find out if any of the biases applied to you.

  •      Confirmation Bias Causes You to Waste Money on Things You Don't Need
  •      The Decoy Effect Confuses You Into Thinking You're Getting a Deal
  •      Hyperbolic Discounting Makes You Buy Items Right Now Because You Can't Wait 
  •      Restraint Bias Makes You Believe You Actually Have Control Over Impulse Purchases
  •      Anchoring Makes You Believe the Worth of All Items Based on the First
  •      Choice-Supportive Bias Causes You to Make Stupid Decisions Based on Nostalgia

http://lifehacker.com/5968125/how-your-brain-corrupts-your-shopping-choices

Fighting back incompetent airlines

Have you ever got frustrated with airline companies but felt too much of the hassle to file a complaint? “Refund. me” has an answer for you. It generates profit through helping customers who are frustrated with flight delays, cancellation or denied boarding to collect compensations from incompetent carriers. This is a good example of win-win business solution using choice architecture effectively in order to make money and please your customers. 

http://www.news.com.au/travel/news/how-passengers-are-fighting-back-against-airlines-and-winning/story-e6frfq80-1226656032559

Choice Overload

Too much choice at the grocery store this weekend. It was hot outside and I was thirsty. All I wanted was a juice. Just a juice. There were 40 plus juices to choose from in the grocery store. After spending what felt like an hour in the refrigerated juice aisle at Coles, I realized that I had cooled down enough not to want my juice anymore. Too much choice can be confronting. This article explains what many consumers have felt with choice overload.

http://www.arrestedmarketing.com/2013/01/Optimising-your-Product-Range-Choice-Theory.html

Smart outfit!

Researchers have found that a group of people wearing white lab coats made 50% less mistakes on attention-related tasks than a group wearing everyday clothing. I don't know about you, but I reckon it's a good reason to start wearing one around the office... and maybe around the home. Enjoy the article: http://www.smh.com.au/lifestyle/fashion/clothes-make-the-manwoman-smarter-20120828-24xst.html

If you're interested, these guys have some pretty good deals on white lab coats: http://www.labwear.com