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540. The Art of Experimentation to Gain Consumer Insights
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In this episode of The Brainy Business podcast, Melina Palmer welcomes Dr. Henry Stott, co-founder of Dectech, to discuss the nuances of business experimentation and how to better predict customer behavior. Henry shares insights from his extensive experience in applying behavioral economics to commercial challenges, emphasizing the importance of context and delivery in experiments. He highlights the pitfalls of relying on sanitized test environments that may not accurately reflect real-world pressures faced by consumers.
Listeners will gain a deeper understanding of the two classes of problems in consumer behavior, precedented and unprecedented, and learn how to design smarter trials that yield actionable insights. The conversation dives into compelling case studies, including a project with Deliveroo that optimized their subscription model and another with Lloyds Bank that significantly improved their online home insurance renewal process.
As you tune in, consider how your own business decisions might be influenced by misleading data or assumptions about customer experiences. Henry's expertise encourages a critical evaluation of the behavioral nudges you implement and how they might perform under real-world conditions.
In this episode:
- Understand the importance of context in business experimentation.
- Explore the difference between precedented and unprecedented consumer behavior problems.
- Learn how to design effective trials that predict customer behavior accurately.
- Discover the impact of behavioral nudges and when they may need to be simplified.
- Gain insights from case studies with Deliveroo and Lloyds Bank on optimizing customer journeys.
Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/540.
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