How is Needle applying behavioral insights to help their clients?
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Needle Strategy applies behavioral insights to help clients in three ways: 1) They helped a major publisher increase declining magazine subscriptions by allowing readers alternating access to content aligned with their aspirations. 2) They helped a large payroll company encourage digital transition by introducing incentives while lowering the ability barrier, resulting in a frictionless digital overhaul. 3) They are proposing a system for a project encouraging exercise that tracks and rewards movement not with prizes but donations to charities, appealing to internal motives rather than just tangible rewards.
How is Needle applying behavioral insights to help their clients?
- 1. How is Needle applying behavioral insights to help their clients?
- 2. Behavioral considerations are becoming commonplace. Dan Ariely Chief Behavioral Officer & Professor of Psychology & Behavioral Economics at Duke University Lemonade Insurance Qapital Savings New start-ups recognize the importance of leveraging behavioral insights into their business models. Dan Ariely, a world-renowned professor of behavioral economics, is actively involved in such ventures.
- 3. And their impact shows. Within 48 hours of launch Launched in September 2016, Lemonade Insurance has already experienced massive growth, thanks in large part to its innovative behavioral approach to insurance.
- 4. Three instances where we have successfully applied behavioral economics.
- 5. At Needle Strategy we have used behavioral insights to help a major publisher. The Problem Declining magazine subscriptions at a major international publisher, both digitally and print. The Insight Using the Selective Exposure Self and Affect Management (SESAM) model of media consumption as a guideline, we recognized that people use magazines to cultivate and reinforce aspirations and desires. The existing business model limited these aspirations by restricting readers to a narrow self. The Solution A system that allows readers alternating access to the publishers range of magazines, allowing readers to selectively access content most in keeping with their aspirations. Knobloch-Westerwick, 2014
- 6. The Problem A large national payroll service company is having difficulty encouraging users and staff to transition from a paper to digital model. The Insight Using an adaptation of the Stanford-affiliated Fogg Behavioral Model, we understand that behavior is a product of abilities, motivation, and triggers. Using this as a basis, we will introduce a system that provides the necessary incentives while lowering the ability barrier to this new system. The Solution A frictionless transition from a paper-based model to a digital overhaul of the payroll system. Fogg, 2009 At Needle Strategy we have used behavioral insights to help a large payroll service company.
- 7. The Problem A project intended to encourage participants to exercise more, whether it be by bike, walking, or through sports. But we recognize that tangible rewards (i.e. store discounts or prizes) only motivate behavior so long as people receive them, we decided to work on peoples internal motives. The Insight Drawing inspiration from the influential Self-Determination Theory, we know that engaging in prosocial behavior is strongly related to intrinsic motivations, serving the three internal needs for autonomy, competence, and relatedness. The Solution We are currently in the process of proposing a system that tracks and rewards movement not with prizes, but instead with donations to a charity of peoples choice. Weinstein & Ryan, 2010 At Needle Strategy we have used behavioral insights to help motivate people to move.
- 8. Thanks for reading! Please contact us: geert.desager@needlestrategy.com