Ipsos Advances Use of Behavioural Economics in Business
Think Tank with Yale School of Management and key corporate partners to develop new applications for behavioural economics in consumer marketing.
Ipsos has launched a new behavioural economics think tank with the Yale School of Management (YSM) and Yale Center for Customer Insights (YCCI), as well as insights leaders from ConAgra Foods, Mars, Merck, Pfizer and SC Johnson. The YCCI-Ipsos Think Tank, which officially kicked off in June 2016, will develop and conduct research and experiments on the practical application of behavioural economics principles in key areas of consumer marketing.
Working collectively with leaders from academia, agencies and manufacturers, the Center aims to improve the use of behavioural economics as a driver of smarter marketing. The Center will build on YCCI’s mission of bringing the latest academic theories into the marketplace and strengthen customer understanding in areas such as product development, pricing, advertising creation and more. A kick-off meeting to set the research agenda and determine experiments has taken place. This critical research will now move into the discovery research and experimentation phase.
“We are always exploring new techniques to help our clients gain a competitive advantage,” said Jerry Forristal, Senior Client Partner, U.S., Ipsos Marketing. “Behavioural economics is an important key to unlocking new consumer insights. We’re thrilled to work with a world-class team of experts to study that more intimately and push the boundaries of research.”
“The very same technologies that changed how consumers explore, shop and advocate for products and services are providing marketers with incredible tools to better understand customer behaviour,” said Ravi Dhar, Director, Yale Center for Customer Insights. “What makes this partnership interesting to the academics is the cooperation across multiple industries. By bringing together a diverse set of both leaders in practice and leaders in theory, we’ll look for underlying frameworks and seek to apply those lessons in ways that drive meaningful impact.”
The YCCI-Ipsos Think Tank extends the investment Ipsos has made in the realm of behavioural economics. In 2011, Ipsos partnered with Duke University to form the Duke-Ipsos Shopper Research Center and Think Tank, an initiative that aims to better understand the decision theory associated with creating demand generation through the shopping experience.
This research has already paid dividends for the company’s clients in consulting, designing and implementing business strategies and campaigns. Ipsos’ continued research in this space will expand its abilities to serve its diverse clients and ultimately meet consumer needs in an ever-changing landscape.
