HOW BRAINS BUY, © Alan Newman, 17-Jan- 2014
How Brains Buy (Reminders for Financial Services Companies)
Jun 22, 2015
Most companies fail to realise that objectives work well when dealing with employees but not with consumers. They'd be well advised to apply insights from Retail Psychology and Behavioural Economics and focus on how brains buy rather than how executives want to sell.
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HOW BRAINS BUY, © Alan Newman, 17-Jan-2014
HOW BRAINS BUY, © Alan Newman, 17-Jan-2014
WHY DO WE DO WHAT WE DO?
Brain Biology: basically un-changed for 150,000 years
Cultural programming
Social programming
Personal programming
Family programming }
OUR FOCUS TODAY
IMPORTANT MESSAGE
WE THINK
MUCH LESS
THAN WE THINK
WE THINK
4WHAT INTERESTS BRAINS MOST?
HOW DO BRAINS WORK?
BRAINS & MONEY
SO WHAT ?
FACE FACTS
173 X 31 = ?
4WHAT INTERESTS BRAINS MOST?
HOW DO BRAINS WORK?
BRAINS & MONEY
SO WHAT ?
PATTERN RECOGNITION
ILLUSIONS
BRAINS CONNECT WITH BRAINS
STORIES & NUMBERS
( i ) 88 %
7 %STORY
Negative Positive
30% Effective
90% Effective
Source: Freymuth & Ronan 2004; Paul Craven Goldman Sachs AM 2013
( ii )
TREATMENT
STORIES & NUMBERS
39 % 88 %
7 % 78 %
TREATMENT
STORYNegative Positive
30% Effective
90% Effective
Source: Freymuth & Ronan 2004; Paul Craven Goldman Sachs AM 2013
BRAINS AND TIME
One Year ± 4 seasons
One Year Plus or Minus
Dry and Wet seasons
T
R
U
S
T“A psychological state where a person accepts vulnerability based upon positive expectations of the intentions of another.”
BRAINS’ DEFAULT IS TO TRUST*
This level of trust is based on COMPETENCE
INTIMACY
Trust based on INSIGHT
Trust is based on EXPERIENCE
This level of trust is based on REPUTATION
BRAINS LIKE: • Now or Short Term• Being in company• Stories• Pictures• Fun• The Status Quo• Security• Guaranteed• Easy
• Long term• Being on their own• Facts and graphs• Words• Serious• Changing habits• Vulnerability ***• 99%• Hard
RATHER THAN:
4WHAT INTERESTS BRAINS MOST?
HOW DO BRAINS WORK?
BRAINS & MONEY
SO WHAT ?
BRAINS AND MONEY
HUMAN BRAIN. CURRENT
VERSION HAS BEEN AROUND
FOR B YEARS
MONEY AS WE BROADLY
UNDERSTAND TODAY HAS
BEEN AROUND FOR M YEARS
BRAINS DON’T DO ‘MONEY’
Angelis Merkalos
Reward?
Risk?
Time?
Reward? x x
Risk? x x
Time? x x x
4WHAT INTERESTS BRAINS MOST?
HOW DO BRAINS WORK?
BRAINS & MONEY
SO WHAT ?
PERSUASIVE TECHNOLOGY
My daddy says I’ve
changed the way he
thinks. Less focus on
boys’ toys and more stuff
that helps the family.
If your kids have chosen their parents well,
press here:
AIDA
ttentionnterestecisionction
HOW BRAINS BUY, © Alan Newman, 17-Jan-2014
That’s all folks!
Thank you.
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