Increase revenue
Behavioural economics can be used as a very effective tool to boost revenue. It can be used to influence employees and customers to make decisions that are better for them, as well as more profitable for organisations. By using experiments, we are able to accurately measure the impact of behavioural solutions on an organisation’s revenue.
Key questions we can help clients to answer:
- How can we tailor debt and tax collection strategies to prompt different customers to make payments?
- How can we effectively communicate to improve customer experience and loyalty?
- What pricing strategy will help maximise revenue, traction and long-term profitability?
Reduce cost
Costs are often incurred as a result of poor decisions made by employees, customers and citizens. Re-designing the ‘choice architecture’ under which decisions are made, for example changing the way choices are framed and the environment in which they take place, can dramatically reduce costly behaviours.
Key questions we can help clients to answer:
- How can we encourage customers to shift from using costly communication channels to cheaper and more efficient alternatives?
- How do we streamline customer interaction to reduce operational costs?
- Are we effectively managing the costs of our insurance claims?
Improve customer outcomes
Businesses often want to change the way customers act and interact with them, and in doing so change the way customers feel about businesses. Behavioural economics provides a powerful toolkit to nudge customers to making better choices, without limiting their choice or freedom.
Key questions we can help clients to answer:
- How do we effectively promote better customer engagement and understanding in planning for their financial decision making?
- How can improving accessibility and transparency in financial communications induce customer engagement and prompt action?
- How can we increase service consumption efficiency and limit the wastage of scarce resources?
Boost employee engagement
Employees are an organisation’s most important asset and it is therefore vital to help employees focus on doing what they do best. Behavioural economics can help organisations achieve internal firm goals such as technology roll-outs and employee goals such as financial stability, without distracting employees from their jobs. Much in the same way that an organisation’s building and architecture influences who they talk to and how they feel, the choice architecture through which information is conveyed affects decisions and behaviour. By playing with these features, we can achieve win-win solutions for employees and employers.
Key questions we can help clients to answer:
- How can we redesign our return-to-work processes to encourage sick employees transition back into work?
- How can we help ensure employees’ pension saving designs are aligned to their ethical outlook and lifetime financial goals?
- How do we effectively boost employee engagement and satisfaction?
- How do we encourage people to adopt and engage with new technologies?
