Last week, we took part in the annual Psych London event hosted by Chinwag. Chinwag Psych is a full day conference covering psychology, neuroscience and behavioural economics. Its mission is to examine the rapidly changing disciplines and explore how they can be applied to business. From practical psychology-based case studies to cutting edge neuroscience, the day-long event was filled with thought-provoking presentations, panel sessions, informed Q & A sessions, plus plenty of time for networking.
This year, the structure of the day was determined by four key words: persuade, analyse, optimise and anticipate. Throughout the day, engaging speakers addressed questions such as ‘How can you be more persuasive?’; ‘When you’re designing a user’s experience, how do you know what’s working?’; ‘How can you optimise your current approach to get the results you want?’; and ‘What’s next?’
Amongst the speakers were our own Client Director, Ed Weatherall, who showcased how we can predict a customer’s behaviour by understanding their individual personality, and Leigh Caldwell, Partner at The Irrational Agency. Leigh made a compelling argument for better use of psychometric insight within business; arguing that frequently, the value that customers place on an item can be significantly swayed by individual emotions. For example, two leather jackets may be physically identical but one of them once belonged to David Beckham. Suddenly, the value of that particular jacket has multiplied by a factor that can be hard to estimate, it being down to the emotional value a potential customer is willing to place on it. This is a perfect example of intangible value and aptly highlights the importance of understanding your customers’ emotional and psychometric drivers.
Businesses are beginning to see the importance of what they can learn from behavioural science and psychology. In our view, this is the missing link in truly personalising the customer experience and will prove to be the future growth area within digital marketing as businesses seek to discover, acquire, engage and retain high value customers.
To watch Ed’s presentation ‘Predicting customers’ behaviour by understanding their personality’ follow the link http://youtu.be/9GEExd-dWO0