{"id":2886,"date":"2014-06-09T10:33:58","date_gmt":"2014-06-09T14:33:58","guid":{"rendered":"http:\/\/www.prejeancreative.com\/pc_blog\/?p=2886"},"modified":"2014-06-09T10:33:58","modified_gmt":"2014-06-09T14:33:58","slug":"economic-theory-can-affect-next-campaign","status":"publish","type":"post","link":"https:\/\/www.prejeancreative.com\/pc_blog\/2014\/06\/09\/economic-theory-can-affect-next-campaign\/","title":{"rendered":"How Economic Theory Can Affect Your Next Campaign"},"content":{"rendered":"<div class=\"facebook_like_button\" style=\"float: right; margin-left: 10px;\"><iframe src=\"http:\/\/www.facebook.com\/plugins\/like.php?href=https%3A%2F%2Fwww.prejeancreative.com%2Fpc_blog%2F2014%2F06%2F09%2Feconomic-theory-can-affect-next-campaign%2F&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=200\" scrolling=\"no\" frameborder=\"0\" allowTransparency=\"true\" style=\"border:none; overflow:hidden; width:200px; height:20px\"><\/iframe><\/div>\n<p><a href=\"http:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_01.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2913\" src=\"http:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_01.jpg\" alt=\"economic_theory_01\" width=\"598\" height=\"274\" srcset=\"https:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_01.jpg 598w, https:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_01-300x137.jpg 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Consumers tend to make up their minds about products and services based on the last thing they heard about them. If you think this is too simplistic or you\u2019re dubious, please take a minute and Google \u201c<a href=\"http:\/\/en.wikipedia.org\/wiki\/Daniel_Kahneman\"><strong>Daniel Kahneman<\/strong><\/a>\u201d or just click on this link.\u00a0This search will likely lead you to his theory of \u201cavailability heuristic\u201d and this might encourage you rethink what you are absolutely certain is true.<\/p>\n<p><a href=\"http:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes01.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2903\" src=\"http:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes01.jpg\" alt=\"economic_theory_quotes01\" width=\"393\" height=\"177\" srcset=\"https:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes01.jpg 393w, https:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes01-300x135.jpg 300w\" sizes=\"auto, (max-width: 393px) 100vw, 393px\" \/><\/a><\/p>\n<p>Aside from being a tongue-twister, <a href=\"http:\/\/en.wikipedia.org\/wiki\/Availability_heuristic\"><strong>availability heuristic<\/strong> <\/a>can be broadly defined as making a decision or leaping to a conclusion based upon the most immediately recalled memory related to that idea. Dr. Kahneman, who won the Nobel Prize for Economic Science in 2002 and wrote his bestselling book <a href=\"http:\/\/www.amazon.com\/Thinking-Fast-Slow-Daniel-Kahneman\/dp\/0374533555\"><strong><em>Thinking Fast and Slow<\/em><\/strong> <\/a>\u00a0in 2011, is the world\u2019s leading expert on the psychology of judgment. His concept of availability heuristic is one of several cognitive ways we humans make mistakes based on bias.<\/p>\n<p>How about an example of this pesky but all-too-human tendency? Someone might say people who drive red cars get more tickets because the person making the statement has a buddy who has a red car and gets lots of tickets. There is no data supporting this theory of red cars = more tickets and the reality is the buddy likes to drive fast and therefore gets tickets because of this. A conclusion was leapt, and unfortunately, this type of leaping happens every day at the grocery story, the car dealership, the voter\u2019s booth and every other venue where human judgment is tested for accuracy.<\/p>\n<p><strong>Why Should You Care?<br \/>\n<\/strong>If you\u2019re someone who\u2019s involved in marketing, advertising, promotion or public relations, the fact that consumers are making up their minds on products, services and even elected officials based on whatever rises to the top of their consciousness \u2013 whether it\u2019s true or not \u2013 should give you pause. At the very least, those of us who are in the business of telling compelling stories about our products should be thinking long and hard about the way in which we\u2019re telling these stories.<\/p>\n<p>If the concept of the available heuristic is valid (and it seems to be), how do we ensure our message stays top of mind? Our jobs as designers, copywriters, web developers, bloggers, marketing executives and every other link in the marketing food chain must be to apply the best possible strategic thinking and tactics towards shifting a consumer\u2019s memory and helping him\/her avoid an inaccurate judgmental bias.<\/p>\n<p><a href=\"http:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2909\" src=\"http:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes2.jpg\" alt=\"economic_theory_quotes2\" width=\"225\" height=\"354\" srcset=\"https:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes2.jpg 225w, https:\/\/www.prejeancreative.com\/pc_blog\/wp-content\/uploads\/2014\/06\/economic_theory_quotes2-190x300.jpg 190w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a>This requires us to make our ideas, and those of our clients, come alive. Boring facts delivered by a talking head \u2013 especially a talking head which is screaming about the latest discount offer for a commodity \u2013 will not rise to the level necessary to overcome most of the biases of the vast majority of consumers. Real stories, told in an elegant manner will trigger emotional responses which, over time, will become memorable and lead to a better return on investment in advertising and design.<\/p>\n<p>Another important factor in overcoming the availability heuristic involves having a way to measure the acceptability of the product or service in the minds of potential customers and to ascertain when our message is (or is not) moving the sales needle. Many of us who are involved in the creative process chafe at what we feel is the unending process of comparing metrics \u2013 before and after our brilliant campaigns have been launched. However, with no pre- and post-marketing analysis we are just hoping our words and pictures are making an impression on the customer\u2019s attitude. So, even if we\u2019re successful, we don\u2019t know why.<\/p>\n<p><strong>What\u2019s It Going to Take?<br \/>\n<\/strong>Decision-making is a fascinating aspect of economic theory.\u00a0We can\u2019t always overcome the availability heuristic and other human biases. However, we can be conscious of their existence and develop honest, compelling stories which take them into consideration.<\/p>\n<p>This demands that we create smart messaging \u2013 great stories \u2013 within a magnetic, consistent design and that we have a way to honestly measure its effectiveness. Without it, predicting the consumer\u2019s decision nothing more than a crap-shoot.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Consumers tend to make up their minds about products and services based on the last thing they heard about them. If you think this is too simplistic or you\u2019re dubious, please take a minute &hellip; <a href=\"https:\/\/www.prejeancreative.com\/pc_blog\/2014\/06\/09\/economic-theory-can-affect-next-campaign\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,214,5,189],"tags":[344,345,341,343,340,342,347,346],"class_list":["post-2886","post","type-post","status-publish","format-standard","hentry","category-advertising","category-branding-2","category-design","category-marketing-2","tag-advertising-creative","tag-advertising-metrics","tag-availability-heuristic","tag-consumer-bias","tag-daniel-kahneman","tag-decision-making","tag-nobel-prize-for-economic-science","tag-thinking-fast-and-slow"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Economic Theory Can Affect Your Next Campaign -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.prejeancreative.com\/pc_blog\/2014\/06\/09\/economic-theory-can-affect-next-campaign\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Economic Theory Can Affect Your Next Campaign -\" \/>\n<meta property=\"og:description\" content=\"&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Consumers tend to make up their minds about products and services based on the last thing they heard about them. 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