Introduction to Behavioral Economics & Consumer Psychology from Udemy

Through this excerpt from our Masterclass, you discover some of the most counterintuitive and surprising findings from consumer psychology and behavioral economics to increase conversions.

You’ll get a wholesome, well-rounded understanding of how to apply 3 of the most powerful psychological principles to improve your business results. It's packed with useful tips, fun facts, and even anecdotes so that learning is not dull, and guess what? Remembering it is a lot easier this way.

Your instructors? Four of the top experts in the field

The topics we will cover are:

Introduction to the Behavioral Economics & Consumer Psychology
The practical use of Behavioral Economics in business, marketing activities, and shaping better solutions for your customers
Fascinating examples of the use of psychology and behavioral economics in Marketing (by Rory Sutherland)
A few simple tricks that business owners can use to justify a higher price. We want prices that feel fair otherwise we won't buy. Yet the way we assess fairness is quite arbitrary.
The power and danger of Choice Overload (by Sam Tatam)
Mind-blowing case study by Ogilvy for KFC with the aim to increase sales of potato chips (by Sam Tatam)
A beautiful illustration of the power of behavioral insights - unexpected results achieved by a simple direct mail campaign from another case study for a charity organization in the UK (by Rory Sutherland)

To get the most out of the Masterclass, first, watch the video and then read the corresponding eBook. It's full of additional case studies and examples which will help you grasp every nuance of the principle.

Testimonials:

''We do growth marketing and have a lot of experience with increasing conversions but this course was the missing piece for us. It’s full of eye-opening insights and practical examples but most of all it‘s a step-by-step guide on how to apply them into practice.''

- Diederik Gerbranda, Growth Marketer at Scaleup Marketing

''Perfectly crafted, well-articulated, highly engaging and enriching program. This is one of the finest online programs I have come across. The case studies and examples are elaborate and make it easier to understand BE concepts. I found the content informative and it has been designed in a manner such that it kept me engaged throughout.''

- Vinita Singh, Senior Research Executive at Nielsen

Certificate of completion:

You'll be issued a certificate of completion after finishing the course. Which you can (and should) easily add to your LinkedIn profile.

This course is right for you, if:

You're a marketer and you want to increase conversion rates of landing pages and sales funnels
You're a freelance consultant and you want to get ahead of the competition and bring new insights to your clients
You need to design performing B2B or B2C marketing and sales strategies
You write copy for websites, direct emails, online ads, etc
You’re a behavioral economics practitioner and you look for new case studies and inspirations

What's inside

Learning objectives

The nitty-gritty of the 3 of the most powerful psychological principles (loss aversion, fairness, choice overload)
Different ways of how to apply each of them into your ads, landing pages, emails, sales funnels, and everything in between
Dos and don’ts for each principle, (especially what to beware of so that you don’t sound gimmicky)

How to reframe your message to get your foot in the door
How to present your offer in a way that makes people click
How to come up with solutions and ideas you otherwise wouldn't think of but have the potential to change your world forever

The nitty-gritty of the 3 of the most powerful psychological principles (loss aversion, fairness, choice overload)
Different ways of how to apply each of them into your ads, landing pages, emails, sales funnels, and everything in between
Dos and don’ts for each principle, (especially what to beware of so that you don’t sound gimmicky)
How to reframe your message to get your foot in the door
How to present your offer in a way that makes people click
How to come up with solutions and ideas you otherwise wouldn't think of but have the potential to change your world forever

Syllabus

Behavioral Economics and Consumer Psychology in Marketing

Welcome, a fellow curious soul, thank you for choosing Behavioral Economics and Consumer Psychology in Marketing!

We know there is a great deal of courses online and we are on cloud nine that you’ve decided to take this journey with us. We’ll ride like Aladdin on a magic carpet and promise it’ll be a smooth ride.

This is an overview of online Masterclass, but with that said, it's not a school class that some of us might have dreadful memories of.

This is just a starter to our Behavioral Economics & Psychology in Marketing Masterclass, but it is packed with useful and actionable knowledge.

You will experience the best of our four speakers Dan, Rory, Sam, and Matej as they show you the amazing world of Behavioral Economics and Consumer Psychology and its application in your professional or personal life.

Now, let’s begin…

Marketing is sometimes just like cosmetic surgery, while Behavioral Economics has all the tools to become a general hospital. Learn what is Behavioral Economics about and how this science of how customers behave and what makes them tick can make all the difference.

Everybody is looking for the “moon shots” which will revolutionize marketing. Rory’s view is that it’s not technology that will revolutionize marketing as we know it today but something else.

“My experience of marketing over 30 years is - If you find out something that works, try testing the opposite because that might work as well.”

Dan explains why we consider a price to be more fair when visible effort is involved, and reveals a few simple tricks that business owners can use to justify a higher price.

We want prices which feel fair otherwise we won't buy. Yet the way we assess fairness is quite arbitrary.

It's not that less is always more. Too many choices are bad but taking away options has to be done with the precision of a watchmaker. Learn how and what to do when you, in fact, can't cut down anything.

Anyone who has picked flooring for their living room will testify that having to choose from 156 options sets one on a journey of headache and prolonged dissatisfaction. Granted we were able to choose, but sometimes we just bail.

What’s there to do when dealing with choice overload? Frankly much more than just having to cut the options down.

Learn about examples that employ the “but you are free” effect, Choice closure, or Chunking. All these can have a great impact on the ease with which we choose and how happy we are about it. Chinese restaurant menus could tell stories and they certainly do.

Do you have any idea how many french fries are sold by KFC every day? Imagine they found a way to increase this number just by a tiny fraction. It would account for … well, a lot of additional profits. Sam and his team were hired to do exactly that.

In this mind-blowing case study, Rory talks about a simple direct mail campaign with unexpected results. A huge proponent of testing, Rory and his team designed several versions of their direct mail and the results showed something interesting. This is a beautiful illustration of the power of behavioral insights.

So this is it. You’ve made it till the end of our little taster.
We hope you’ve enjoyed every minute of the course and that you’ve learned a lot and that your taste for knowledge for Behavioral Economics and Consumer Psychology is not satisfied.

Let us know your thoughts :))

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Examines the psychological principles of loss aversion, fairness, and choice overload, helping learners apply these principles in marketing and sales

Includes practical examples and case studies to illustrate the application of behavioral economics in marketing

Develops skills in implementing psychological principles to increase conversions in marketing campaigns

Taught by industry experts with a strong reputation in behavioral economics and marketing

Provides a certificate of completion, which can enhance the credibility of learners in the field

Requires students to have a basic understanding of marketing and psychology, which may limit its accessibility to beginners in these fields

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Introduction to Behavioral Economics & Consumer Psychology with these activities:

Strengthen your knowledge of behavioral economics

Show steps

Review 'Predictably Irrational' to enhance your understanding of the principles of behavioral economics and how they influence consumer decision-making.

View Behavioural Economics Saved My Dog on Amazon

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Read the book thoroughly and take notes on key concepts.
Identify and summarize the main principles of behavioral economics discussed in the book.
Analyze how these principles apply to real-life scenarios, particularly in marketing and business contexts.

Mentor a junior student in behavioral economics

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Share your knowledge and experience in behavioral economics by mentoring a junior student, guiding their learning journey and providing support and encouragement.

Browse courses on Behavioral Economics

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Identify a junior student who is interested in behavioral economics.
Establish regular meetings to provide guidance, discuss concepts, and answer questions.
Review their work, offer feedback, and encourage their progress.

Complete online quizzes on behavioral economics concepts

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Reinforce your understanding of behavioral economics by engaging in online quizzes that test your knowledge on key concepts and theories, providing immediate feedback.

Browse courses on Behavioral Economics

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Identify online quizzes or platforms that offer assessments on behavioral economics.
Take the quizzes regularly to test your understanding.
Review your results, identify areas for improvement, and focus your studies accordingly.

Five other activities

Expand to see all activities and additional details

Show all eight activities

Compile a collection of case studies on behavioral economics in action

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Gather and organize case studies that showcase real-world applications of behavioral economics principles in various industries, providing valuable insights into their effectiveness.

Browse courses on Behavioral Economics

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Conduct research to identify case studies on the application of behavioral economics.
Summarize and analyze the key findings and outcomes of each case study.
Categorize the case studies based on industry, marketing strategy, or behavioral principle.

Lead a discussion group on a specific behavioral economics topic

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Facilitate a peer discussion on a specific topic related to behavioral economics, encouraging active participation, knowledge sharing, and critical thinking among participants.

Browse courses on Behavioral Economics

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Select a specific topic within behavioral economics to focus on.
Prepare an overview of the topic, including key concepts and research findings.
Lead the discussion, guiding participants through exploration of the topic and encouraging diverse perspectives.

Deep dive into advanced applications of behavioral economics

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Engage in guided tutorials to explore advanced applications of behavioral economics, such as neuromarketing and cognitive psychology, to gain a deeper understanding of consumer behavior.

Browse courses on Behavioral Economics

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Identify reputable online tutorials or courses on advanced behavioral economics.
Follow the tutorials, taking detailed notes on key concepts and techniques.
Apply the techniques learned to analyze real-world marketing campaigns and consumer behavior.

Participate in a behavioral economics hackathon

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Engage in a hackathon focused on behavioral economics, where you can collaborate with others to develop innovative solutions to real-world challenges using behavioral insights.

Browse courses on Behavioral Economics

Show steps

Identify a hackathon related to behavioral economics or consumer behavior.
Form a team and brainstorm ideas for a solution that addresses a specific challenge.
Develop and refine your solution, leveraging behavioral economics principles.
Present your solution to the hackathon judges and compete for recognition.

Apply behavioral economics to a real business case

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Develop a comprehensive marketing campaign that incorporates behavioral economics principles to demonstrate your understanding and ability to apply them in a practical setting.

Browse courses on Behavioral Economics

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Choose a specific business or industry to focus on.
Research the target audience and identify relevant behavioral economics principles.
Design a marketing campaign that leverages these principles to influence consumer behavior.
Present your campaign to the class or a group of peers for feedback and evaluation.

Career center

Learners who complete Introduction to Behavioral Economics & Consumer Psychology will develop knowledge and skills that may be useful to these careers:

Behavioral Economist

Behavioral Economists use economic principles to understand how people make decisions. They apply their knowledge to a variety of fields, such as marketing, finance, and public policy. This course can help you understand the fundamental principles of behavioral economics and how they can be applied to a variety of fields. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Behavioral Economists to understand and use by applying these principles to their work.

See salaries and explore the career path for Behavioral Economist

Consumer Psychologist

Consumer Psychologists use psychological principles to understand how consumers make decisions. They apply their knowledge to a variety of fields, such as marketing, advertising, and product design. This course can help you understand the fundamental principles of consumer psychology and how they can be applied to a variety of fields. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Consumer Psychologists to understand and use by applying these principles to their work.

See salaries and explore the career path for Consumer Psychologist

Academic Researcher

Academic Researchers conduct research on a variety of topics, such as behavioral economics, consumer psychology, and marketing. They publish their findings in academic journals and present their work at conferences. This course can help you understand the fundamental principles of behavioral economics and consumer psychology and how they can be applied to research. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Academic Researchers to understand and use by applying these principles to their research.

See salaries and explore the career path for Academic Researcher

Market Researcher

Market Researchers conduct research on markets and consumers. They use their findings to help businesses make better decisions about their products, services, and marketing strategies. This course can help you understand the fundamental principles of behavioral economics and consumer psychology and how they can be applied to market research. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Market Researchers to understand and use by applying in their market research work.

See salaries and explore the career path for Market Researcher

User Experience Researcher

User Experience Researchers conduct research on how users interact with products and services. They use their findings to help businesses design better products and services. This course can help you understand the fundamental principles of behavioral economics and consumer psychology and how they can be applied to user experience research. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for User Experience Researchers to understand and use in their user experience research work.

See salaries and explore the career path for User Experience Researcher

UX Designer

UX Designers are responsible for the design of user interfaces for websites, mobile apps, and other products. They use behavioral economics and consumer psychology to understand how users interact with products and to design interfaces that are easy to use and enjoyable. This course can help you understand how to use behavioral economics and consumer psychology to design better user interfaces. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for UX Designers to understand and use by applying them in their UX design activities.

See salaries and explore the career path for UX Designer

Entrepreneur

Entrepreneurs are individuals who start and run their own businesses. They use a variety of skills, such as marketing, finance, and operations, to build and grow their businesses. This course can help you understand how to use behavioral economics and consumer psychology to build a more successful business. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Entrepreneurs to understand and use by applying them in their entrepreneurial pursuits.

See salaries and explore the career path for Entrepreneur

Digital Marketing Specialist

Digital Marketing Specialists use digital channels to promote a company's products or services. They use a variety of techniques, such as search engine optimization, social media marketing, and email marketing. This course can help you learn how to use behavioral economics and consumer psychology to improve your digital marketing campaigns and increase conversions. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Digital Marketing Specialists to understand and use by applying in their digital marketing activities.

See salaries and explore the career path for Digital Marketing Specialist

Sales Manager

Sales Managers are responsible for leading and managing a team of sales representatives. They develop and implement sales strategies and use behavioral economics and consumer psychology to understand and target their customers. This course can help you understand how to use these principles to improve your sales performance and increase conversions. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Sales Managers to understand and use by applying in their sales management and sales activities.

See salaries and explore the career path for Sales Manager

Consultant

Consultants provide advice and guidance to businesses on a variety of topics, such as marketing, finance, and operations. They use their knowledge and expertise to help businesses improve their performance. This course can help you understand how to use behavioral economics and consumer psychology to provide better advice to your clients. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Consultants to understand and use by applying in their consulting activities.

See salaries and explore the career path for Consultant

Product Manager

Product Managers are responsible for the development and management of a company's products. They work with engineers, designers, and marketers to ensure that products meet the needs of customers. This course can help you understand how to use behavioral economics and consumer psychology to design and develop products that are more likely to be successful. It covers topics such as loss aversion, fairness, and choice overload, which are all important concepts for Product Managers to understand and use by applying them in their product development and management activities.

See salaries and explore the career path for Product Manager

Public Relations Specialist

Public Relations Specialists are responsible for managing a company's public image. They work with the media and other stakeholders to promote a positive image of the company. This course can help you understand how to use behavioral economics and consumer psychology to improve your public relations campaigns. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Public Relations Specialists to understand and use by applying in their public relations campaigns.

See salaries and explore the career path for Public Relations Specialist

Marketing Manager

Marketing Managers are responsible for leading and executing marketing campaigns to promote a company's products or services. They develop and implement marketing strategies and use behavioral economics and consumer psychology to understand and target their audience. This course can help you understand how to apply these principles to improve your marketing campaigns and increase conversions. It covers topics such as loss aversion, fairness, and choice overload, which are all important concepts for Marketing Managers to understand and use by applying in their marketing activities.

See salaries and explore the career path for Marketing Manager

Business Analyst

Business Analysts are responsible for analyzing business processes and systems to identify areas for improvement. They use a variety of techniques, such as data analysis, process mapping, and interviews. This course can help you understand how to use behavioral economics and consumer psychology to improve your business analysis skills. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Business Analysts to understand and use by applying in their business analysis activities.

See salaries and explore the career path for Business Analyst

Freelance Writer

Freelance Writers write content for a variety of clients, such as businesses, websites, and magazines. They use their knowledge of behavioral economics and consumer psychology to write persuasive and engaging content. This course can help you understand the fundamental principles of behavioral economics and consumer psychology and how they can be applied to writing. It covers topics such as loss aversion, fairness, choice overload, and the power of social proof, which are all important concepts for Freelance Writers to understand and use by applying these principles to their writing projects.

See salaries and explore the career path for Freelance Writer