The Choice Factory: 25 behavioural biases that influence what we buy

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If you’re in the business of influencing people then Richard’s book is a must read. It provides a welter of practical advice on how behavioural science can be harnessed by businesses . Hunting for a guaranteed formula for success is a fool’s errand. As Phil Rosenzweig, Professor of Strategy and International Business at IMD wrote in The Halo Effect: How do we make decisions about brands and products? What’s the power in targeting by mood and situation? Why should we be cautious to oversimplify metrics? Globally renowned expert on applying behavioural science in marketing – and author of ‘The Choice Factory’ and ‘The Illusion of Choice’– Richard Shotton shares frameworks for navigating the… Read more »

Actionable, memorable and powerful... Shotton has taken the jewels of behavioral economics and made them practical." --Seth Godin, author of All Marketers are LiarsDouble edged sword – Localisation is relevant enough to attract attention, without being personal enough to offend. You’re displaying signs of confirmation bias. Because Eva was promoted ahead of you, you’re cynical about her motivations, interpreting them through a lens of your existing feelings.

A recent experiment showed that 45% of behaviour is habitual. Habits are contextual, therefore changing the context can loosen behaviours. Consumers are 21% more likely to change habits when they have undergone a life-changing event. Target customers who have undergone a life event like a birthday or a retirement. Get to know your consumers. Be skeptical of anyone who claims to have a universal key to success — The world is too complex for such simple solutions. Phil Rozenweig, Professor of Strategy at IMD wrote, “In a competitive market economy, performance is fundamentally relative, not absolute. Success or failure depends not only on a company’s actions but also on those of its rivals”.The Choice Factory Book Summary is an exploration of important behavioral biases we all have. It explains how price effects are judgements, how are emotional state effects are actions and why we don’t say what we mean.