KEY TAKEAWAYS

There are two types of value. Economic value, which is the value we place on an item that we have exchanged for cash, and, human value, i.e. what is valuable to us and our stakeholders in emotional terms.

A priming effect is when our behaviour is motivated subconsciously. Alex discusses the example of a wine shop and how sales were influenced based on the music played to customers.

Alex explains her reasons behind choosing the theme tune for the podcast and her hope that it would influence your expectations of the show.

Alex discusses the difference between ‘System 1 Thinking’ and ‘ System 2 Thinking’ and how one mode of thinking is quick, easy and instinctual and the other requires effort on our part. And, how we often default to quick and easy thinking without exploring the other option.

Alex talks about colour and design and how we associate  different colours with different offers or perceptions of value and what can do to enhance the perceived value of your brand.

References and reading recommendations: 

Daniel Kahneman (Book) ‘Thinking, Fast and Slow’

Richard Thaler (Book) ’Nudge’ and  'MisBehaving The Making of Behavioural Economics'

North, A. C., Hargreaves, D. J., & McKendrick, J. (1997, XXXX XX).

In-store music affects product choice. Nature, 390, 132.

Chee Wei Phang, Xueming Luo, and Zheng Fang (paper) ‘Mobile Time-based Targeting: Matching Product-Value Appeal to Time of Day’ https://www.tandfonline.com/doi/abs/10.1080/07421222.2019.1598696?journalCode=mmis20