Click here to load reader

How is Needle applying behavioral insights to help their clients?

  • View
    168

  • Download
    0

Embed Size (px)

Text of How is Needle applying behavioral insights to help their clients?

  • 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

    publishers 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 peoples 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 peoples choice.

    Weinstein & Ryan, 2010

    At Needle Strategy we have used behavioral insights to help motivate people to move.

  • Thanks for reading!

    Please contact us:

    [email protected]

Search related