Wilde Agency Releases 2nd Research Study on Behavioral Economics
Explores how to motivate Millennials to alter their behavior with respect to retirement savings and life insurance
Westwood, MA, January 11, 2016 --(PR.com)-- Wilde Agency, a digital and direct agency that’s pioneering the use of the science of human behavior in marketing, today announced the completion of a second research study designed to explore the role of Behavioral Economic (BE) principles in influencing Millennials to consider and purchase life insurance, and start saving more for retirement.
“Like the first study we commissioned, which explored the role that human behavior plays in influencing the purchase behaviors of Baby Boomers, our latest study uncovered some encouraging findings about the decision-making process of Millennials,” said Wilde Agency VP of Customer Insights, Lianne Wade. “For example, contrary to what some may think, Millennials are actually interested in and care about their financial future (retirement savings and life insurance); the challenge for marketers is to find the right way to communicate to Millennials. This research study provided some tangible insights into ways to do that.”
The research explored the roles that two specific Behavioral Economic principles play in affecting decision-making. The ability to leverage one of those principles was proven to be a driving factor in motivating Millennials to take action:
· Temporal Discounting: the tendency of people to place less value on rewards or benefits that arrive in the future, and more value on those they can have now. For example people place more value on receiving $100 today than waiting a year to receive $200
The study also looked at emotions and attributes associated with saving for retirement and purchasing life insurance, and found that certain emotional attributes are more positively associated with life insurance and retirement savings than others. Communications that succeeded in leveraging these attributes were also more motivating to Millennials.
The research, conducted in partnership with Sentient Decision Science, a behavioral science-based implicit research, technology, & consulting firm, found that carefully crafted test statements were successful in overcoming the temporal discounting bias, and were more likely to motivate Millennials to save more for retirement, and apply for life insurance, sooner.
“Simply altering the copy typically used to describe life insurance and retirement products to reflect this behavioral economic principle can make all the difference,” said Wilde Agency Chief Creative Officer Nancy Harhut.
Agency President John Sisson is excited about these findings because “This research helps to quantitatively validate what we believe about the role that certain behavioral science principles play in influencing how Millennials respond to marketing efforts from financial services and insurance companies.”
If you would like to learn more about this research, contact Wilde Agency and ask to receive the e-books that detail their findings.
About Wilde Agency
Wilde Agency is a digital and direct agency that uses what social scientists have found about how people make decisions, to motivate people to do what our clients want them to do. We’re a pioneer in the use of the science of human behavior in marketing, infusing it into all of our efforts, including strategy, creative, and data/analysis work, to deliver remarkable results for our clients.
For more information, visit www.wildeagency.com or follow us on Twitter or Facebook.
Contact:
Chris McConaughey
Chris.McConaughey@WildeAgency.com
781.251.2732
“Like the first study we commissioned, which explored the role that human behavior plays in influencing the purchase behaviors of Baby Boomers, our latest study uncovered some encouraging findings about the decision-making process of Millennials,” said Wilde Agency VP of Customer Insights, Lianne Wade. “For example, contrary to what some may think, Millennials are actually interested in and care about their financial future (retirement savings and life insurance); the challenge for marketers is to find the right way to communicate to Millennials. This research study provided some tangible insights into ways to do that.”
The research explored the roles that two specific Behavioral Economic principles play in affecting decision-making. The ability to leverage one of those principles was proven to be a driving factor in motivating Millennials to take action:
· Temporal Discounting: the tendency of people to place less value on rewards or benefits that arrive in the future, and more value on those they can have now. For example people place more value on receiving $100 today than waiting a year to receive $200
The study also looked at emotions and attributes associated with saving for retirement and purchasing life insurance, and found that certain emotional attributes are more positively associated with life insurance and retirement savings than others. Communications that succeeded in leveraging these attributes were also more motivating to Millennials.
The research, conducted in partnership with Sentient Decision Science, a behavioral science-based implicit research, technology, & consulting firm, found that carefully crafted test statements were successful in overcoming the temporal discounting bias, and were more likely to motivate Millennials to save more for retirement, and apply for life insurance, sooner.
“Simply altering the copy typically used to describe life insurance and retirement products to reflect this behavioral economic principle can make all the difference,” said Wilde Agency Chief Creative Officer Nancy Harhut.
Agency President John Sisson is excited about these findings because “This research helps to quantitatively validate what we believe about the role that certain behavioral science principles play in influencing how Millennials respond to marketing efforts from financial services and insurance companies.”
If you would like to learn more about this research, contact Wilde Agency and ask to receive the e-books that detail their findings.
About Wilde Agency
Wilde Agency is a digital and direct agency that uses what social scientists have found about how people make decisions, to motivate people to do what our clients want them to do. We’re a pioneer in the use of the science of human behavior in marketing, infusing it into all of our efforts, including strategy, creative, and data/analysis work, to deliver remarkable results for our clients.
For more information, visit www.wildeagency.com or follow us on Twitter or Facebook.
Contact:
Chris McConaughey
Chris.McConaughey@WildeAgency.com
781.251.2732
Contact
Wilde Agency
Chris McConaughey
781-251-2732
wildeagency.com
Chris McConaughey
781-251-2732
wildeagency.com
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