NEWS27 January 2015

IPA launches behavioural economics guide

News UK

UK — The Institute of Practitioners in Advertising (IPA) has launched a new report outlining common behavioural economics marketing strategies.

The report, Behavioural Economics in Action: Strategies and Insights from the IPA Effectiveness Awards, is a new best-practice guide that provides examples and guidance on how behavioural economics can creatively address business problems.

It sets out the five common behavioural economics strategies to emerge from the analysis of six years of IPA Effectiveness Awards papers, including: big nudges; small nudges and behavioural journeys; price campaigns; positioning campaigns; and better data and better evaluation.

The report also highlights a number of case studies from companies and brands that have successfully employed behavioural economics techniques. It has been written by behavioural economics consultant Nick Southgate and former IPA president and vice-chairman, Ogilvy Group UK, Rory Sutherland.

“Whether it is building a big nudge to change behaviour, finding a series of small nudges to bring even more customers towards a brand, making a price work harder or a positioning that turns a business into a beloved icon of the high street, it is the creativity of agencies making this happen,” said Southgate. “By providing advice and exemplars within this guide, we hope that more agencies can capitalise on this hugely powerful discipline.”