Behavioural Economics vs Market Research | Factor 3 Blog

Behavioural Economics vs Market Research

There has been a lot of talk over the years in the agency sphere about the relevance of behavioural economics and market research. Which is best and how does Factor 3 do it?

Behavioural Economics (BE)

BE examines purchasing activity through an understanding of the cognitive, emotional and social factors behind a decision to purchase. For any agency account handler or planner, an understanding of the factors behind the end users decision making process can be a great benefit from a strategic and creative point of view. But for most agencies, BE is a lengthy on-going cost that can be a hard task to get a client to commit to.

Market Research

Market Research is often used on a project basis, to inform and sense-check strategy and creative output. There are other creative agencies out there I’m sure who prefer that research findings weren’t supplied to them, so that their concepts aren’t diluted with reality. I went to a talk at the Cheltenham Design Festival recently and the partner of a well established agency based in both London and San Francisco had a split opinion on the use of Field Research in design concepts. Road testing creative work can be helpful as a sense-check but pulling apart a concept and asking consumers who have little or no experience with commercial design and advertising can wreak more havoc than the process is worth.

So how does it work at Factor 3?

As specialists in branding, we naturally have a thirst for knowledge and both Field and Desk Research are embraced. We work from the ground up, taking the time to understand every area of our client’s business (their sector and environment), their staff, competitors and most importantly their customers. It is the knowledge gained from this lengthy exercise conducted in-house that shapes all strategy, creative output and future planning for the brand in question. We try to do as much desk research as we can first to keep costs down, then and only then we will do field research for further investigation.

Mintel is used to keep up to date with overall market changes and consumer insights and we also work with our research partners when the case requires it. All results help us to create work that is not only commercially relevant but creative in its nature; creative concepts developed from insights gained through research findings, not hindered by them. Being an integrated marketing communications agency also gives our clients the advantage of an agency with a ‘helicopter view’ of their campaign, so the research is implemented in all work we create; giving complete synergy between communications channels.

So whether you are looking for a rebrand, brand refresh or research informed campaigns; Factor 3 can help.

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Yes is the answer. Even if not directly, we can always point you in the right direction. But chances are that with our broad experience across the branding, digital and marketing spectrums, we can help you to win and make it fun along the way.

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