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December 15, 2009

Comments

It would take a brave marketer to really embrace the idea of Behavioral Economics. The illusion of rational though gives marketers hope that they are in control. That, if we just say why we're better consumers will believe it and buy in. Behavioral Economics also goes against traditional testing and validation methodologies used by many marketers.

Theories on how brands work are interesting as well. Many were developed without the current knowledge of how the brain actually works and it's not something that is contested in marketing or advertising schools (U.S. anyway).

We've constructed the theories for how brands work based on what we want to believe. It helps justify what we do and makes us believe we're in control. The reality, that consumers really don't care that much about brands, that there is really no way to predict the complexity of the human mind, and that we've over-invested in perceived value, isn't something the majority is ready to come to terms with.

If behavioural economics really does work at board room'marketing-hating finance director' level; then I can see agencies trying to make it work.

The fact that the IPA seem to be behind it gives it credence and a believability.

If it helps us all to make better ads then lets hope so.

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