What Makes Social Networks Tick?

Why Do People Cooperate in Social Networks? What underlies the evolutionary success of the human race and allows social networks to function? In the book I’ll have what she’s having by Bentley, Earls and O’Brien, the authors’ assert that cooperation between individuals is key to both. Research into a diverse range of group activities by… Continue reading What Makes Social Networks Tick?

How Do Social Networks Influence Consumer Behaviour?

    Do People Act in Isolation? People do not act in isolation, they connect with many people though highly complex social networks, this influences our behaviour. In ‘I’ll have what she’s having’; Mark Earls and his co-authors explain how social learning (i.e. imitating other people) acts as the engine for the spread of culture,… Continue reading How Do Social Networks Influence Consumer Behaviour?

Do Companies Care About The Quality Of Market Research?

What Do Executives Care About? I’ve read a number of posts about the quality of market research. Some of these posts have criticised poor practices of research suppliers and others point to the frailties of client side-researchers. Some valid points have been made, but there is a danger that we are missing the bigger picture.… Continue reading Do Companies Care About The Quality Of Market Research?

4 Common Myths About Consumer Behaviour

What Drives Consumer Behaviour? Consumer behaviour is a complex process which behavioural economics is now helping us to better understand. Most marketing theories on consumer behaviour is based on models that do not fit the purpose. As a result, a number of myths have grown up about consumer behaviour and decision making. 1. Prices are… Continue reading 4 Common Myths About Consumer Behaviour

Why Do Companies Buy Cheap Market Research?

I read with interest Edward Appleton’s blog (Can MR Clients Recognise Quality When They See It?). Edward was commenting on Reg Baker’s post Final Thoughts on MRMW where he suggested that “if online and social media have taught us nothing else it’s that clients sooner or later will buy cheap data over good data every time.”… Continue reading Why Do Companies Buy Cheap Market Research?

The Psychology of Loss Aversion

Why do people suffer from loss aversion? As anyone who has bought stocks during a bull market will know, making a quick profit is great. But making a loss is difficult to stomach! Behavioural scientists call this loss aversion. People are intrinsically afraid of losses. When compared against each other people hate losing more than… Continue reading The Psychology of Loss Aversion

Can Video Mystery Shopping Protect Your Brand?

Using Research To Protect Brand Reputation: Video mystery shopping is a contentious research methodology. However, rarely does a month go by without hearing about another mis-selling scandal in financial services or some other regulated sector. Given the ramifications of the 2008 financial crisis you would expect more monitoring of firms behaviour. This is especially important… Continue reading Can Video Mystery Shopping Protect Your Brand?

Is Financial Decision Making Rational?

  Updated 16/1/18: There is a perception that decision making in financial services (FS) is far more rational than with fast moving consumer goods. FS products have more long-term consequences. Decision making is emotional and impulsive. This view is strongly held among FS professionals but is there any evidence to support this perception? Behavioural Economics… Continue reading Is Financial Decision Making Rational?

Does The Law of Small Numbers Explain Many Myths?

  What Is The Law of Small Numbers? The psychologist Daniel Kahneman points out that many social scientists, psychologists and market researchers often fall foul of a common human bias – the law of small numbers! Is this bias to blame for many modern day myths and the inability to replicate many well known psychological studies?… Continue reading Does The Law of Small Numbers Explain Many Myths?