We teach professionals how to incorporate behavioral economic principles into their everyday strategic decision-making. We offer in-house, customized workshops for companies looking to teach managers and employees how to use behavioral economics to impact customer experience and company performance. Topics include:
Putting Behavioral Economics to Work
Businesses are increasingly applying insights from behavioral economics in a wide range of areas including product pricing, marketing strategies, incentives and shaping consumer behavior. However, many companies currently lack the knowledge necessary to take advantage of behavioral economics. Understanding the psychological principles affecting the choices and behavior of customers, employees, and other stakeholders can give organizations a competitive advantage. In this workshop, employees will learn (1) how insights from behavioral economics can be incorporated into business strategy, (2) how to pinpoint the most important behavioral considerations impacting an organization’s goals, and (3) how to use small-scale business experiments to accurately measure the effectiveness of behavioral interventions.
Structuring Incentive & Reward Programs That Work
In some cases, small changes to the incentive structure can have a dramatic impact, positive or negative, on an organization’s goals. In this workshop, we illustrate how to identify and avoid waste in commonly used incentive programs. Then, drawing on insights from previous research in behavioral economics and psychology and providing examples from our recent research, we show how small differences in the structure of incentives programs can greatly impact effectiveness.
We provide a framework of six simple principles that can help organizations evaluate and improve incentive schemes and teach participants to apply these principles to salesforce incentives, customer reward & loyalty programs, and employee wellness programs.
The Behavioral Economics of Negotiation
The ability to understand how principles from behavioral economics and psychology impact decision-making and outcomes in negotiations is a critical skill for business professionals. The course provides an introduction to strategic thinking and basic concepts and tactics of negotiation and places special emphasis on the cognitive aspects affecting decision-making and strategic choices in negotiations.
The goals of this course are for participants to: (1) understand the basic concepts and strategies in negotiation (2) learn how different strategic choices drive relative success at the bargaining table (3) learn how to identify potential sources of joint gains in negotiations that contain elements of both cooperation and competition and (4) understand the psychological processes underlying the judgment of negotiators.
Meaningful Data: Getting the Most from A/B Testing
In many instances, running an experiment is the most accurate, simple, and often cheapest way to know how to approach a challenge, whether it is the pricing, presentation, or promotion of a product. When designed properly, business experiments provide an unbiased snapshot of the causal relationship between a change in strategy and a response in consumers’, employees’, or other stakeholders’ behavior.
With the increasing ease of collecting consumer data, many companies waste precious time and resources analyzing bad data. This workshop offers strategies to ensure managers are collecting the right data and offers guidance on when and how to use A/B testing and other larger-scale experimentation.