Tuesday, 16 October 2018
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Yale University says you’re missing this marketing advantage

Yale University says you’re missing this marketing advantage
06 Aug
4:33


Australian CMOs are largely missing a strong competitive advantage that is helping the likes of Google, IBM and Visa, according to Yale University’s Centre for Customer Insights.

In late June, 40 executives from around the globe participated in a three-day course at Yale University to find out how consumers are most likely to act based on behavioural science. The participants were a mix of marking and insights leaders from around the globe. One international food company sent a delegation of 10 students, a hefty investment of around $100,000.

The team at Yale and the Centre for Customer Insights work with some of the world’s top companies, showing them how to influence (nudge) consumers using research-based behavioural insights.

One to two Australians make the trip to Yale each year to take the three-day Behavioural Economics ‘immersion’. In addition, the Federal Government has a Behavioural Economics Unit (BETA). However, scholars at Yale believe Australia businesses are falling behind in their take-up of the discipline.

Executive director of strategic partnerships and education at the Yale Centre for Customer Insights (YCCI), Gloria Tam, said Australia, like many other developed markets, has already made some headway leveraging behavioural science and economics to make the desired path the path of least resistance for people’s decisions. This can be seen in particular in the social and policy area.

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