Training Course on Behavioral Economics & Psychology in Marketing

• Instructor: lenoldevelopmentcenter
• Duration: 5 days

Training Course on Behavioral Economics & Psychology in Marketing

Program Brief:

The “Behavioral Economics & Psychology in Marketing” course explores the intersection of human psychology, economic theory, and marketing practices. This course delves into how people make decisions and how businesses can use insights from behavioral economics to design better marketing strategies, improve customer experiences, and influence consumer behavior. This course provides participants with a comprehensive understanding of how insights from behavioral economics and psychology can drive impactful marketing strategies. It combines theory with real-world applications, equipping participants with the skills to influence consumer choices effectively and ethically.

Course Objectives

By the end of this course, participants will be able to:

• Understand key concepts of behavioral economics and their application in marketing.
• Analyze how psychological biases and heuristics influence consumer decisions.
• Learn to design marketing strategies and campaigns using principles of consumer psychology.
• Identify how emotional, cognitive, and social factors drive consumer behavior.
• Apply behavioral insights to optimize pricing, promotions, branding, and product positioning.

Recommended For:

This course is ideal for:

• Marketing professionals seeking to deepen their understanding of consumer behavior.
• Business leaders and strategists aiming to use behavioral insights to enhance decision-making.
• Digital marketers, product managers, and UX designers interested in consumer psychology.
• Students and researchers in economics, psychology, and marketing.
• Entrepreneurs and innovators seeking to influence customer choices effectively.

Duration

5 Days

Course Outline

Module 1: Introduction to Behavioral Economics

• Traditional vs. Behavioral Economics
• The role of psychology in economic decisions
• Key behavioral economic theories: Prospect Theory, Nudge Theory

Module 2: Cognitive Biases in Decision-Making

• Understanding common biases: Anchoring, Framing, Loss Aversion, Availability Bias
• How biases influence consumer choices
• Case studies of biases in marketing campaigns

Module 3: Psychological Factors Affecting Consumer Behavior

• Emotional drivers of decision-making
• The role of motivation, perception, and attitudes in marketing
• Social influence and group behavior in consumer markets

Module 4: Nudging and Choice Architecture in Marketing

• Principles of nudge theory in shaping choices
• Designing choice environments for consumers
• Practical applications of nudges in advertising, digital marketing, and product design

Module 5: Building Effective Marketing Strategies

• Application of behavioral insights in branding, messaging, and communications
• Behavioral pricing strategies: Discounts, Bundling, Price Anchoring
• Emotional branding and creating persuasive content

Module 6: Consumer Decision Journey & Loyalty

• Mapping consumer decision-making processes
• Techniques to build trust and consumer loyalty
• Understanding habit formation and customer retention strategies

Module 7: Behavioral Insights in Digital Marketing

• Personalization, social proof, and persuasive design
• Using A/B testing to refine marketing strategies
• The role of storytelling and narratives in digital content

Module 8: Ethics in Behavioral Marketing

• Ethical considerations in influencing consumer behavior
• The balance between manipulation and persuasion
• Responsible use of consumer data and behavioral insights

General remarks

• Customizable courses are available to address the specific needs of your organization.
• The participant must be conversant in English
• Participants who successfully complete this course will receive a certificate of completion from Lenol Development Center.
• The course fee for onsite training includes facilitation training materials, tea break and lunch.
• Accommodation and airport pick up are made upon request
• For any inquiries reach us through info@dev.lenoldevelopmentcenter.com or +254 710 314 746
• Payment should be made to our bank account before the start of training

Classroom Schedule

Online Schedule