Are you interested in discovering how businesses can influence your decisions through psychology and economics? Behavioural science is a field that examines how humans make choices and how businesses can use this knowledge to improve customer engagement and conversion rates.
For instance, have you ever wondered why you opted for the larger popcorn at the cinema, thinking it was a more economical choice? The reason behind this is the medium popcorn, which acts as a decoy to make the large popcorn appear like a better deal. Behavioural science insights can be applied to marketing strategies to increase conversions.
Scarcity, for instance, is when something appears more appealing because it is not widely available. This makes people think it’s of better quality or exclusive, and they may feel they will miss out if they don’t get it. Marketers can use scarcity to push people into buying something or booking a flight, as seen on Booking.com, where they show how many people are looking at a particular hotel right now and how many times it has been booked in the last few hours.
Simplicity is also essential, as humans prefer simple choices over complex ones. Providing limited options and making it easy for customers to make decisions is crucial to avoid “analysis paralysis.” Research has shown that asking 3 to 6 questions can lead to a dip in the response rate by 10%.
Reciprocity is another powerful tool, as people feel obliged to give back when they receive something. Providing value upfront is necessary, and the offer must be personalized and memorable. Moz, for example, provides free learning resources and tools to educate novices on SEO, which creates a sense of reciprocity.
The Endowed Progress Effect, which provides customers with an artificial advancement towards a particular goal, can also increase the likelihood of completing the goal. Starbucks rewards program is an excellent example of this.
Pricing perception is also essential, as an experiment shows that people feel the wine tastes better as the price increases, even though they were served the same wine. Similarly, pricing can affect how customers perceive a brand, and raising prices can increase brand perception.
Incorporating tips from behavioural science can also boost conversion rates, such as feeding people before making them agreeable and more likely to buy furniture at Ikea. Providing auxiliary free items or services can also influence customers, as seen in offering free shipping.
Establishing authority for your product is also crucial, and humanizing a landing page with real pictures of real people can boost your conversion rate.
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Professor Doctor Sanjay Kumar Rout is an International Researcher, Innovator, Speaker, Author, Legal Expert, Coach, Editor, Reviewer, Journalist and Policy Expert, Coach. He is well known and highly respective dignitary in the field of Research Development & Innovation work in major domain of Development Management, Policy Research, Public Policy, Business, Economics, Finance, Law, Social Science, Education, Technology and other Fields. Currently he is working as Chancellor of MV University (Mexico), Research Director of GIBU University (Liberia), Educational Executive Council member of RKU University . He had work with various national International organizations in various leadership’s capacities. Prof. (Dr.) Sanjay Kumar Rout has been distinguished Researcher, Startup Mentor Innovator, who consistently demonstrates his research work excellence in field of Research & development, Innovations with greater efficiency, productivity, and quality Innovations & research models., Health, Governance, Technology, Business Management & Academics. He had received many National / International Fellowship & Awards in several categories for his eminent work in Innovation, Management, Research, Sustainability, and Social Development. He had participated various National/international Summits/Conclave/Seminar/Workshop. He had published 100+ research paper & books.
For his work he had been Honored by many organization as:
Global Influencer in Higher Education Award by CED, GIFT & MSME
Top 50 Global Data & Security Future Thought Leader by Thinkers360
International AOV leadership Award for Research & Innovation Field
World’s Best 50 Future Business & Innovation start-up Thought Leader-2020 by Thinkers360
Pillars of India award by ESN Research
Top 50 Global Thought Leaders & Influencers on COVID-19 Business Impact by Thinkers360
Top 50 Global Thought Leaders & Influencers on Public Relation by Thinkers360
Honored as Literary Lieutenant from Story Mirror
Start-up Mentor from Startup World
Best Innovator MUGU International Foundation
Outstanding Global Scientist (Innovation, Author, Policy & Futuristic Speaker) by NCCHWO
Best Author Award from Story Mirror
Best Young Scientist Award from Global Education and Corporate Leadership Awards
Outstanding Researcher Award from Green ThinkerZ
Indira Gandhi Gold Medal Award by GEPRA
Best Guru Award from GECL
Speaker on Public Health at AIDSCON Summit by Postgraduate Institute of Medical Education and Research
Global Speaker on Research Development at WORM-2020 International Summit by Eudoxia Pvt.Ltd
Best Speaker on Artificial Intelligence at Bhartiya VidyapeethHis academic credentials contain different achievements from renowned university /institutions like—NIT, IIM, IIT, University of Pennsylvanian, and University of Washington, Imperial College London, John Hopkins University & others. Including Several achievement’s, he holds, Three bachelors, Three masters , three Ph.D.& D.Sc. (Medicine) , D.Litt (Law) in his academic career. He is an global certified professional from international acclaimed organization like Google,WHO, BCG,World Bank, Amazon,UNICEF, SAS,UN, European Union, IBM, Asian Development Bank, FAO, Cisco, IRCC,GoI,UNDP & others. And he had worked for various global projects in multiple thematic areas.
Professor (Dr.) Sanjay
