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How is Needle applying behavioral insights to help their clients?
Behavioral considerations are becoming commonplace.
Dan ArielyChief Behavioral Officer &Professor of Psychology & Behavioral Economics at
Duke University
Lemonade Insurance
Qapital Savings
New start-ups recognize the importance of leveraging behavioral insights into their business models. Dan Ariely, a world-renowned professor of behavioral economics, is actively involved in such ventures.
And their impact shows.
Within 48 hours of launch
Launched in September 2016, Lemonade Insurance has already experienced massive growth, thanks in large part to its innovative behavioral approach to insurance.
Three instances where we have successfully applied behavioral
economics.
At Needle Strategy we have used behavioral insights to help a major publisher.
The Problem
Declining magazine subscriptions at a major
international publisher, both digitally and print.
The Insight
Using the ‘Selective Exposure Self and Affect Management’
(SESAM) model of media consumption as a guideline, we
recognized that people use magazines to cultivate and reinforce aspirations and
desires. The existing business model limited these aspirations
by restricting readers to a narrow self.
The Solution
A system that allows readers alternating access to the
publisher’s range of magazines, allowing readers to selectively access content most in keeping
with their aspirations.
Knobloch-Westerwick, 2014
The Problem
A large national payroll service company is having difficulty
encouraging users and staff to transition from a paper to
digital model.
The Insight
Using an adaptation of the Stanford-affiliated ‘Fogg
Behavioral Model’, we understand that behavior is a
product of abilities, motivation, and triggers. Using this as a
basis, we will introduce a system that provides the
necessary incentives while lowering the ability barrier to
this new system.
The Solution
A frictionless transition from a paper-based model to a digital overhaul of the payroll system.
Fogg, 2009
At Needle Strategy we have used behavioral insights to help a large payroll service company.
The Problem
A project intended to encourage participants to
exercise more, whether it be by bike, walking, or through
sports. But we recognize that tangible rewards (i.e. store discounts or prizes) only
motivate behavior so long as people receive them, we
decided to work on people’s internal motives.
The Insight
Drawing inspiration from the influential “Self-Determination Theory”, we know that engaging
in prosocial behavior is strongly related to intrinsic
motivations, serving the three internal needs for autonomy, competence, and relatedness.
The Solution
We are currently in the process of proposing a system that
tracks and rewards movement not with prizes, but instead
with donations to a charity of people’s choice.
Weinstein & Ryan, 2010
At Needle Strategy we have used behavioral insights to help motivate people to move.
