Behavioural Economics

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Our Behavioural Economics team applies innovative, leading-edge techniques in the fields of behavioural economics and experimental economics. We combine behavioural science such as ‘Nudge Theory’ together with academically rigorous testing to deliver insights into consumer and firm behaviour where conventional techniques reach their limits.

What we do

Help organisations meet their objectives by applying behavioural insights to understand consumer behaviour and cognitive biases.

How we do it

  • Shed a light on cutting-edge behavioural science and applications
  • Design and implement innovative behavioural experiments including randomised controlled trials (RCTs)
  • Provide workshops and training on how to apply behavioural economics

We work for:

The behavioural economics toolkit can be applied to a wide array of challenges. Our most regular clients comprise:

The team:

All team members are specialists in behavioural economics and have experience in analysing consumer behaviour and applying ‘nudges’ to improve outcomes.

Applying behavioural economics with businesses and industry

We help companies understand how customers make decisions using the latest insights from behavioural economics.

We work with our clients to implement behavioural interventions and use ‘nudges’ to meet their business objectives. We demonstrate the effectiveness of our interventions by testing and measuring their impacts using academically rigorous methodologies, so that clients can see the return on investment from our services.

We also provide bespoke training and workshops to build in-house behavioural economics capabilities.

Our team works across Europe, the United States, Australasia and Africa in conjunction with our partners Genesis Analytics.

Our products and services

We apply behavioural economics across the following areas:

Conversion rate optimisation

We design customer communications to convert leads into sales

Switching and product uptake

We help develop smooth and effective switching processes

Product design

We help design behaviourally-informed products and services

Customer loyalty/retention

We help firms build fruitful, long-term relationships

Behavioural Experiments

We design innovative, behavioural experiments including randomised controlled trials (RCTs)

Training & Workshops

We provide bespoke training workshops to build in-house behavioural economics capabilities

Have a problem or objective you think could be tackled using behavioural economics? Get in touch and discuss it with us

Contact: Dr Charlotte Duke, +44 (0) 20 3701 7705, cduke@londoneconomics.co.uk

Case studies

Examples of our work include

Increasing customer engagement through ‘Nudge Theory’

We identified common cognitive biases at play in retail financial decisions. We used principles from psychology to simplify the product offer and facilitate customer decision making. Our interventions led to significant uplift in sales and improvements in product fit for customers.

Behaviourally informed call centre scripts and processes

We used behavioural economics to redevelop scripts and redesign processes in a bank’s call centres to optimise customer outcomes. The interventions resulted in improved call quality and uplift in sales of insurance policies.

Product design for a competitor bank

We helped a competitor bank test features of their innovative product with a representative customer base prior to market launch. The use of behavioural science helped the client refine its product features and decreases risks during market launch.

From loyalty programme to sales proposition

We designed behaviourally informed product brochures which united sales and loyalty programmes. By fleshing out what customers valued most about the loyalty programme, it became an effective sales proposition. This increased the relevance of the product and generated a bond with customers.

Delivering powerful proofs of concept

Our client was able to see key product features in action in our simulated experiment. This allowed the client to pre-test actual customer behaviour in response to innovations. The experimental design was bespoke to the client’s needs and contained the core functionalities and unique characteristics of the real product.

Understanding market specific cognitive biases

We conducted a bespoke, one day workshop for the senior management of a comparison website. The client learned about targeted behavioural biases and nudges. We guided the client on how these insights could be applied in practice throughout the customer journey on their website.