PBTO50: Understanding Why We do, What We do with Dilip Soman

Who is on the show:

In this episode we host, Dr. Dilip Soman. He is a behaviour scientist and the author of the book  The Last Mile, and is a Professor of Marketing and holds the Corus Chair in Communications Strategy. His researches behavioural economics and its applications to consumer wellbeing, marketing and policy.

He is also the director of the India Innovation Institute at the University of Toronto. He works with ideas42 and serves as advisor to a number of welfare organizations.

Why is she on the show:

In his book The Last Mile, he tackles a very important topic. He takes the concepts of behavioural economics that were introduced by Dr. Richard Thaler and shows how they can be implemented in a personal, organisational and national policy making to improve our chances of making good decision.

What are we talking about:

In this free-wheeling conversation, we talk about:

  • What is Choice architecture & nudge and what it means for us
  • Why as humans we tend towards making poor decisions when presented with complex choices?
  • What are Mindful and mindless nudges and where can we use them?
  • Why is it a big surprise that businesses assume that people make rational choices
  • Some practical examples of products built using the insights from behavioural psychology:
    • Sticking to a plan… stickk.com
    • Cookie jar with a timer
  • The emerging Market for self control based products
  • What is Implementation intention and why is it important
  • How can we use insights from behavioural psychology to Create the kind of organisational culture we want?
  • When is nudging the right approach, and when it is not
  • Important insight: Potential loss VS Potential Gain – fear of loss > pleasure from gain
  • How Amazon has leveraged insights from Machine learning, coupled with the insights from choice architecture to become the behemoth that it has become.
  • Nudging in public policy and some examples of the same
  • Theory of decision points
Humans struggle to make good decisions when presented with complex choices. Click To Tweet

How can you reach him:

You can reach him on twitter at @dilipsoman or through LinkedIn.

Patreon:

If you like what you hear, I would request you to head over to my patreon page and become a patron for the show. You could do so by contributing anywhere from a single dollar to about 1000 USD depending upon how much you like the show.

Think of it like the following – I will bring thought leaders to your door step and in return all I am asking is for you to spend just enough get us a cup of coffee.

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Do share your thoughts and continue the discussion