Decision Time

  • Date 16th July 2020
  • Author William Galipeau
Decision Time
  • We have so many decisions to make every day that we cannot weigh them all up in a fully considered manner. If we did, we would never get out of the house. As Daniel Kahneman puts it: “Thinking is to humans as swimming is to cats. We can do it but we’d rather not”.
  • People are reluctant to change because of a deep-seated desire for consistency with their past selves. But when we undergo a life-changing event*, we step away from our past selves and habits, forcing us to make new decisions in our day-to-day lives.
  • Recent research found that the likelihood of trying a new brand was 2.5 times higher among people who had experienced a significant life event, compared to those who hadn’t (21% vs 8%, respectively). 

*think marriage, moving house or a global pandemic for example

The recent pandemic has radically disrupted the environment we interact with.  Brands have a huge opportunity to jump in as consumers will be acting more “irrationally” than ever. While this might be bad news for some, it will lead to a brand-new playing field, where brands who offer the strongest value proposition can achieve greater competitive advantage than usual.

Link to the full article

 

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