Meet the Author

  • Teodora Miscov
  • Marketing Manager

Following her passion for all things digital, Teodora moved to London with the goal of completing her BA in Digital Media Communications at the University of Westminster. Having completed her formal education, she is now pursuing her career in the vibrant Soho as the Marketing Manager at Lab. Her interest for art and philosophy finds a release on her personal blog, which she has been running for six years. Catch up with Teodora on LinkedIn and Twitter.


Takeaways

  • Social image has been proven to have a considerable impact on customer decision-making;

 

  • You can access more behavioural economics insights in the latest guide (here).

Will it make your customers look good?


08 October 2018
Thought Leadership
2 mins

As neuromarketing experts, we understand that our behaviour is shaped by a plethora of factors, and social image is just one of them. This interesting study highlights just how influential it is...

In a recent experiment, a group of customers of the Bank of Indonesia were offered a Platinum credit card, supposedly reserved for the wealthiest individuals. Through its exclusivity, the credit card served as a symbol of status and success.

Interestingly, the greatest demand for the card was proved to have come from customers with lower incomes, who presumably had a greater need to signal high status than higher-earning people. The difference is clear in the graph below:

 

 

Furthering the theory that the credit card served as a symbol of status, the Platinum card owners were more likely to use it in high visibility social situations (such as bars, restaurants) than in non-visible ones (e.g. online purchases).

 

"These experiments show that social image can help predict what decisions people make in different circumstances, with some leveraging the social image actively to change human behaviour." - Robert Metcalfe

 

Discover more about this study in this year's Behavioural Economics Guide - it's filled with many other such gems... You can access it here. 

 

Takeaways

  • Social image has been proven to have a considerable impact on customer decision-making;

 

  • You can access more behavioural economics insights in the latest guide (here).

Meet the Author

  • Teodora Miscov
  • Marketing Manager

Following her passion for all things digital, Teodora moved to London with the goal of completing her BA in Digital Media Communications at the University of Westminster. Having completed her formal education, she is now pursuing her career in the vibrant Soho as the Marketing Manager at Lab. Her interest for art and philosophy finds a release on her personal blog, which she has been running for six years. Catch up with Teodora on LinkedIn and Twitter.