Following our Part 1 piece on Nudgestock 2022 last week here at:
the Nudges from Nudgestock 2022 continue in this Part 2 of the series. Moving straight to the main good stuff…
10) THE FUTURE OF RETAIL IN A POST-PANDEMIC WORLD – PACO UNDERHILL
What people say they do and what they actually do are not the same
One of the best ways you can win is to find out where you’re losing
Wars are won when generals lead from the front – Brands win when their leaders understand the intersection of where environment & product meet
5 things were coming into focus in the consumer world during the pre-pandemic times and they were accelerated during the pandemic times:
1) The evolution of our relationships with the ‘screens’ – How do we see and how do we process what we see?
2) What makes the world female friendly?
3) How do we utilize and optimize our time? How do we understand the role of time in our selection process? This is true for the cyber world as much as it is for the physical world
4) What is global and what is local? There is difference between the mindset and the knowledge base of someone walking into my store in Dubai versus my store in Albany. Technology is making the world smaller – one of the keys to success in the consumer world is understanding what the role of global and local is
5) Global wealth distribution – and thereby access to all types of goods – is spreading beyond the old ‘royalty’ and the process of educating customers (to sell) has become a challenging, yet interesting activity
There are 3 things that he believes in:
1) Amenability and profitability walk hand in hand
2) A good store or a web experience is an interrelationship of what we have and how we sell – your operating culture – a relationship between marketing and operations
3) "I believe in rubber shoes" – get closer to your customers and out from behind your desk
11) HOW DESIGN INTUITIVE ARE YOU? – THOM NOBLE, DEAN FIELD
Fonts play key critical in decision making, especially on screens. When a font was not designed for mobile screens, the whole user experience is ruined. Smartphone screen friendliness of the font face plays a key critical role - @uygarr
Blanding: Remember when all of the fashion brands ditched their old branding and adopted (basically) the same font? (by @TheFashionLaw) – All font faces look the same - @uygarr
Buttons edges are an issue in UX/UI design. I always supported the soft edges. And I come to this conclusion by biomimicry. Sharp edged objects are harmful for us and many objects in nature are curvy - @uygarr
Why are there so many curves in tech, we asked at #Nudgestock2022? We tested three buttons to identify the intuitive results and found that our brain prefers smoother, rounded images - @CloudArmyNeuro
Which layout does our brain prefer? The asymmetry of the brain means we are a shade more adept at processing imagery placed to the left and text to the right
Interesting insight on content format. Voice notes on Instant Messaging is more common than you'd think and caters for people who can't read
The importance of distinctive sonic branding – cue the Netflix Intro sound
Brand owners need to know about processing fluency - a neuro-best practice that provides a science-led understanding of non-conscious motivations. Design structure, layout and other visual & sonic nudges all create a non-conscious response
Brands are built from (implicit) neural webs of (immersive brand) associations
12) THE PSYCHOLOGY OF THE METAVERSE – SYLVIA PAN (and Ogilvy Consulting Paper – Nothing Changes, Everything Changes – in the Metaverse)
The metaverse is a hypothetical 3D virtual place, where people can shop, socialize, attend events together and so much more. This hypothetical virtual world could soon be made a reality through the rapidly improving technology of virtual reality headsets, controllers, and their accompanying software. As a result, we believe that soon, it will be likely that much of societies' time and money, will be spent in the metaverse – it is likely to be an extremely lucrative and important market – USD 426.9 billion by 2027, according to marketandmarkets
We will be selling to alter egos. People will value their alter ego as they do their own identity. Meaning brands should create digital products that can become digital status symbols
There are 6 brand opportunities in the Metaverse (Post Alert: Outside In will cover this topic in greater detail in a separate Post):
Example 1 – The Widespread Use of Virtual Avatars: As people’s social circles become increasingly virtual, the value of virtual status symbols may become as important or more important than physical symbols. This gives brands the opportunity to pioneer the virtual status symbol market and establish themselves as the most coveted virtual fashion company, in the metaverse
Example 2 – The Rise of Constant Feedback: The idea being that in the metaverse, we can receive immediate and constant feedback for every action we take, in the form of animations, sound effects and so on. We predict, based on our understanding of psychology, that this constant feedback will make almost any experience in the metaverse, extremely engaging. As a result, industries that may have struggled with retention in the past, like the health and fitness industry, may become completely revolutionized as people find their virtual offerings far more stimulating
"In VR you are trapped inside the simulation, just like how outside of VR we are trapped in reality ..."
13) THE POWER OF REGRET: HOW LOOKING BACKWARD MOVES US FORWARD – DANIEL PINK
Definition of Regret:
Regret is fundamental. The only people who don’t have regrets are 5-year olds, people with brain damage and sociopaths
Regret makes us better. We should deal with our regret, not wallow
Regrets fall into 4 buckets:
1) Foundation regrets – I wish I'd saved more money, Human need: Stability
2) Boldness regrets – I wish I had asked out that cute guy/girl, Human need: Growth
3) Moral regrets – I wish I'd done the right thing, Human need: Goodness
4) Connection regrets – I wish I'd reached out to an old friend, Human need: Love
Elements of Culture, in context of the 4 regrets:
Regret is a photographic negative of what people care about – When people tell you what they regret the most, they’re telling you what they value the most
Regret avoidance is fundamental to human survival behaviour. Regret minimalization is what brands provide. They reduce making a suboptimal choice
14) LUXURY BELIEFS – ROB HENDERSON
Luxury beliefs are ideas and opinions that confer status on the upper class, while often inflicting costs on the lower classes
Luxury beliefs are the new status symbols: Holding elite beliefs that show you're rich and time-free and not bogged down by day-to-day struggles. Luxury beliefs have, to a large extent, replaced luxury goods
The best measure of cultural capital is undoubtedly the amount of time devoted to acquiring it – Bourdieu, in The Forms of Capital
Traits, resources and beliefs that are costly can serve as reliable indicators of physical, economic, or cultural resources
Yearning for distinction is the key motive; converting economic capital into cultural capital and must be publicly visible
Stotting/Costly Signalling:
Luxury beliefs are perceived as honest signals of wealth because they are difficult or impossible to fake
What do affluent people really believe? To everyone in public: Success is a matter of luck. To their children in private: You have to work hard
Individuals who have a higher income or a higher social status were the most likely to say that success results from luck and connections rather than hard work. Individuals with lower income are likely to say that success comes from hard work
Internal Locus of Control: Higher academic achievement, less stress, more happiness
On Self-Efficacy: People’s beliefs about their abilities have a profound effect on those abilities – Albert Bandura
15) THE FUTURE OF STRATEGY IS BEHAVIOURAL – MELAINA VINSKI
Value generation is really hard to do when you’re making mistakes
Behavioural Science should be at the core of business strategy
The Transformation path is not linear – Transformation requires not one, but several pivots
References and Sources
1) Nudgestock 2022: https://nudgestock.com/
2) Twitter Handles: @Nudgestock, @dannballonline, @ngp_dhruv, @petejudo, @MikeyFox, @nharhut, @MateyEvents, @KarlaGuti, @Ogilvy, @CloudArmyNeuro, @theketome, @DrBalsters, @uygarr, @behavewithus, @DavidPerrott_, @grightford, @CuriousCat_IN, @fozziewossie
3) Nothing Changes, Everything Changes – in the Metaverse: https://www.ogilvy.com/ideas/nothing-changes-everything-changes-behavioral-perspective-metaverse