Costly Signalling Theory and Behavioural Science in Marketing

In this episode we discuss:
  • Traditional Economic Theory vs Behavioural Economic Theory
  • Behavioural biases – the shortcuts our minds use to make decisions and what it means for marketers
  • Costly Signalling Theory and examples in life and marketing
  • Why a brand is a costly signal
  • Loss aversion and its roots from our evolution
  • Signalling in a B2B context
  • Heuristics

Resources Mentioned

Richard Thaler – Nudge: Improving decisions about health, wealth and happiness- https://www.amazon.com.au/Nudge-Improving-Decisions-Health-Happiness/dp/014311526X

Richard Thaler – Misbehaving: The making of behavioural economics – https://www.amazon.com.au/Misbehaving-Behavioral-Economics-Richard-Thaler/dp/039335279X

Richard Shotton – The Choice Factory: 25 behavioural biases that influence what we buy – https://www.amazon.com.au/Choice-Factory-Behavioural-Biases-Influence/dp/085719609X

Rory Sutherland – Alchemy: The surprising power of ideas that don’t make sense – https://www.amazon.com.au/Alchemy-Surprising-Power-Ideas-Sense-ebook/dp/B01F1HOAWA

22 Immutable Laws of Branding – Trout & Reis – https://www.amazon.com.au/22-Immutable-Laws-Marketing-Violate/dp/0887306667


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