The behavioural shift: 3 key challenges for branding
Diana Dobrin, a UCL student explores the behavioural economics that brands use to capture people minds and buying habits.
In the past few years, behavioural economics has gained a special place in marketers’ toolbox. With customers relying extensively on intuition and feelings, brands are seeking to connect in a manner that is embedded in their behaviour. The field’s understanding of human thinking, behaviour, and decision-making represents an advantage for brands in their quest for audiences.
"'System 1' is the gut feeling and 'System 2' is the hard thinking."
Daniel Kahneman’s system thinking theory is at the basis of behavioural economics. According to it, our brains work in two cognitive systems. 'System 1' is the fast, automatic unconscious thinking reacting to everyday decisions and 'System 2' is the slow, effortful conscious thinking dedicated to complex decisions. In short, 'System 1' is the gut feeling and 'System 2' is the hard thinking. Interestingly, because of its intuitive nature, 'System 1' is more flexible and thus prone to errors. Being ever more present daily than the rational side, it also impacts decision making in a greater proportion.
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