Why these things hurt us more?

It's that time of the year when we eagerly wait to recieved our bonus and increment letter.

A couple of years ago, my #team #member having recieved the best rating with a double digit increment was still unhappy because her colleague got an increment 0.3% higher than her.

Let's decode this from the lens of #BehaviouralEconomics.

1. We humans percieve #conspicuous and #inconspicuous consumptions differently.
2. Conspicuous consumption are such things that are visible to others and a consumer treat it as a symbol of their stature or success. i.e.  Salary Increment, the Car you drive, Credit Card you takeout to pay when your friends are around, mobile phone you carry, the Brand of clothes you wear etc
3. Inconspicuous consumption are such things that are consumed more privately. Hence Consumer believe in the absolute value, irrespective of someone having better than them. i.e. Grocery,, Parenting efforts etc.
4. Diminishing value of conspicuous consumption. In early 2000 when I started my career, owing a Credit Card was a big achievement, even though it was silver one. Over time I kept climbing the tiers to Gold, Titanium, Platinum, Signature & flet better. What consumers didn't realise was that Credit Card companies kept debasing their platforms. So today's Platinum platform is early 2000 entry level platform Silver/Gold. Credit Card companies like #Visa #MasterCard kept adding new levels to meet the consumers Conspicuous Consumption needs.

This topic reminds me of the famous Onida Ad

"Onida, neighbour's envy owners Pride"

When life throws shit, turn it into fertilizer

It was Radhika's first month at ABC Company. Hailing from Dhanbad, this job at Mumbai was a path to her career growth, she couldn't afford to loose.

During the morning huddle meeting she got a message from Rakesh her super boss and a vintaged senior employee "Hey Radhika, you are looking gorgeous today. Couldn’t take my eyes of you. Also, let’s discuss your target in the evening."

She felt quite awkward and couldn't believe that she has to face such a situation. Being the only lady in that sales team, she didn't know how to react. Initially she was boiling with anger. So her mother advised her to ignore as it's the best cure for such things in life. But it didn't nip the issue in the bud and she continued to recieve such messages. Rakesh being her super boss, she felt she couldn't afford displease him too.

Now internally, Radhika was going through a turmoil. The pressure of proving yourself in your first job coupled with this situation, started affecting her work. She went into a state of depression. She didn't know how to handle this? 

Finally one day she gathered the courage and wrote to Prevention of Sexual Harassment unit. The experienced hands there took her into confidence to understand the depth of the matter. Post investigation, a resolute action was taken and Rakesh lost his job.

Today, reading her promotion letter, Radhika feels proud about her professional achievements and happy that she took the right step three yeas ago.

According to Kubler Ross (a Swiss Psychiatrist) model of Grief Cycle, we humans experience these states

1. Denial 

2. Anger

3. Bargaining

4. Depression

5. Acceptance

Radhika also went though these states, except that she didn't accept and choose to fight it out.

In our lives how we handle 'Acceptance', really defines us.

Zero Second Branding on Digital

Zero Second Branding on Digital has arrived

6 second exposure is passe. Latest #cognitive research (#Mobile #Cognition #Study) by Mobile Marketing Association proves that customers absorb n takes a decision on mobile ads within 400 milliseconds.

Here's a 4 step framework for #ZeroSecondBranding

1. Use BIG Data (Analytical propensity) to identify audience likely to buy your product

2. Divide this data basis  #BioPersonna into Segments and craft unique story (using personna insights) for each.

3. Tell your story with 80% visual and 20% text

4. Apply #behavioralscience / #nudge Principles to ethically make customers say YES

#digitalcampaigns #marketingstrategies #behav #behaviouraleconomics #mantras #buildingbrands #campaignstrategies #campaignmanagement #bigpicture2019 #bigpicture

True Story - "I sell Trust & Honesty because everyone else sells medicines"

#TrueStory

Anil uncle is my Dad's friend at Jabalpur. He is a very well respected man known for treating diabetes through ayurvedic medicines. Today he has patients from all over India and a few residing abroad too. New patients come to him through word of mouth.

It was in Dec 2018, when Radhe Shyam a 45 yrs old farmer from Narsinghpur, visited him for diabetes treatment.

Radhe had traveled over 200 Kms to attend a court case at Jabalpur that day.

He bought medicines for 2 months costing Rs.2000 and realised that he doesn't have the money. Unfortunately he was not even carrying his ATM card.

Looking at his situation, Anil uncle smiled, made him relax and gave him the medicines asking him to deposit the money to his SBI A/c from Narsinghpur.

Watching all this, I couldn't resist asking "Uncle, you met this person for the first time & took the business risk of Rs. 2000?"

He said "I have not sold him medicine but earned a relationship for life. Even if he turns out to be one off those who will not pay, it still outweighs the benefit my business will reap from 99 other lifelong relationships I have earned. " 

Last month when I met Anil uncle, I asked him about Radhe's incidence. I was surprised to learn that not only did he received the money but now Radhe regularly buys his medicine from him.

His business motto is "I offer trust & honesty to oblige my customers and they reciprocate by offering a life long relationship."

Let’s decode this story from a brand building lens

We love brands and buy them because it offers something more than just the product or service (that everyone offers).

• Brand shares a belief I believe in

         or

• Brand offers me empathy “Makes me feel it understands my problem & offers a solution through its offering” 

The experience Radhe had with Mr. Anil, made him feel obligated. (Remember we feel obligated when we recieve something that we do not expect).

When we feel are obliged, our sub conscious mind compels us to repay it. So Radhe did a repeat purchase which made the brand “Mr Anil” familiar to him.

Our sub conscious had another bias – ‘familiarity heuristic ‘(decision made in the past are good to be repeated when faced with similar situation)

Repeated purchase of a particular brand makes it a habit and leads to developing neural pathway (shortcut) in our sub conscious mind (Medicine = Mr. Anil).

So whenever there is a need for medicine, Radhe’s  sub conscious mind will compel his conscious mind to contact Mr. Anil and all this will happen at cognitive level without Radhe realizing it consciously.

During the course of repeated purchases, Radhe will become a brand evangelist of “Mr. Anil” and he will propagate the brand (unconsciously). Reason, during our evolution we learnt to share information (gossip, knowledge and experience) and oblige our clan members. It helps survive.

That’s how Mr. Anil today has customers all over India including a few residing abroad.

Click here to read more about why we feel compelled to return an obligation through the lens of our Behavioural bias #Reciprocity