Strategists and marketers may unknowingly base their insights on outdated perceptions of what drives their consumers' behaviour. Their strategies often rely heavily on business intuition and can be tainted by biased data collection methods. Behavioural science offers an alternative to status-quo marketing techniques by accounting for the cognitive and social processes that drive, and in turn can be used to influence, consumer decision-making. But applying insights from behavioral research is only a part of the solution. This approach also relies on a systematic way of thinking known as the scientific method. Through experimentation, marketers and researchers can gather empirically-validated evidence to create a compelling consumer narrative. In this session we will explore this technique using examples drawn from real world applications of Behavioral Economics and highlight how it will change the way consumer facing strategies are executed today.
CEO & Co-Founder, BEWorks
Kelly Peters is Chief Executive Officer and Managing Partner at BEworks, that she co-founded along with Dan Ariely, Doug Louis, Louis Ng, and Nina Mazar – a team of academic and business leaders. She has over twenty years' experience leading strategy, technology and innovation in major financial services, including RBC Royal Bank of Canada and BMO Bank of Montreal. Kelly earned an MBA from Dalhousie University with a concentration in financial services.
She has overseen the launch of several new business ventures that capitalized on insights into consumer behavior. Her interest in behavioral science stems back to the late 90s when working on behavioral scoring models in credit risk and online distribution models, evolved through behavioral finance, and finally culminated in 2008 when she embraced behavioral economics as the most foundational approach to executing strategy at the people level.