using neuromarketing to accelerate growth e-commerce - mirko melcher

Using Neuromarketing to accelerate Growth in eCommerce

eTrade Summit Antwerp 2016

/mirkomelcher

I live here...

Here are 3 things I love:

charts quotes

„ ...“

screenshots

what we do

Strategy & Consulting

Testing Full Service

360° Conversion Analysis

Conversion Centered Relaunch

Personalization & Targeting

portfolio and knowledge:

web-arts.com // konversionKRAFT.de

2009 2010 2011 2012 2013 2014

CRO Volume (Billion �)

Partner

E-Commerce

TelecommunicationPortal

Travel

Finance Leadgeneration

We help top 100 companys grow faster.

>150 Conversion Experts in >20 countries

https://www.iridion.de/en/

Manage Your Optimization Process for Better Results

Warm Up!

7 required fields9 required fields

Which one is easier to complete?

7 required fields9 required fields

Even the best usability doesn‘t make people suddenly want to buy more.

Traffic

Web Analytics

the eCommerce paradox

Traffic

Website

Web Analytics

ClickHand

Motor Control

prefrontal Cortex

Limbic System

Perception

the eCommerce paradox

Gamification

Decision

Simplification

How do I make decisions?

How do other people influence me?

Ho do I perceive things?

How do I react upon relations?

What gives me fun and joy?

What is as conveniant as possible?

Behavior Patterns & Biases Behavioral Economics for E-Commerce

Social Perception

Relation

Behavior Patterns

Adaptive Bias Affect Heuristic All-or-nothing thinking Anchoring Anxiety Aesthetic = Good Arousal Authenticity Authority Autonomy Availability Heuristics Banner Blindness Black swan theory Bonding Breaking Rules Caring Challenge Cognitive Dissonance Commitment & Consistency Comparability Completion Context Contrast effect Curiosity Curse of knowledge Decoy Effekt Default

Defensive attribution hypothesis Endowment Effect Exclusivity Faces/Views Feedback Flow Framing Free Funneling Grouping Halo Effect Herding Hide/Remove Hope Hyperbolic discounting Identification Illusion of asymmetric insight Illusion of truth effect Innerer Dialog Irrational Escalation Island Joy/Fun Known Kognitive Leichtigkeit Leaderboard Liking Logic

Loss Aversion Mastery Mental accounting Mental Models Mirror Nonsense math effect Order Order/Harmony Overgeneralization Paradox of choice Patterns/Principles Preview Primacy-Recency-Effekt Priming Proof Purpose Reactance/Censoring Reason why Reciprocity Remove Represantativeness heuristic Reputation Restraint bias Reward Rhyme-as-reason effect Rules Scarcity

Schuld Self expression Self fulfilling prophecy Self serving bias Self-perception theory Sensation Skim/Scan/Read Social Proof Sofortiges Erfolgserlebnis Spurring Status quo Story-telling Sympathie Tension/Closure Testimonial Testing effect Threat Trait ascription bias Trust Try out Tunneling Unlocking Value/UVP Well travelled road effect Worse-than-average effect Zugehörigkeit

Biases

Actor-observer bias Affective forecasting Ambiguity effect Attentional Attribute substitution Attribution theory Availability cascade Backfire effect Bandwagon effect Base rate fallacy Belief Bias Bias Blind Spot Bizarreness effect Change bias Choice Supportive Bias Clustering Illusion Cognitive bias mitigation Cognitive distortion Confirmation bias Congruence bias Conjunction fallacy Conservatism Consistency bias Context effect Cross-race effect Cryptomnesia Denomination effect Disqualifying the positive

Distinction bias Dunning-kruger effect Duration neglect Egocentric bias Emotional reasoning Empathy gap Essentialism Exaggerated expectation Expectation bias Extrinsic incentives bias False consensus effect False memory Focusing Effect Forer effect Functional fixedness Fundamental attribution error Gamblers fallacy Generation effect Google Effekt Hard-easy effect Heuristics in judgement and decision making Hostile media effect Hot-hand fallacy Humor effect Illusion of control Illusion of external agency Illusion of transparency

Illusion of validity Illusory correlation Illusory superiority Impact Bias impression management Inference-observation confusion Information Bias Ingroup bias Innumeracy Insensitivity to sample size Introspection illusion Jumping to conclusion bias Just-world hypothesis Less is better effect Leveling and sharpening List-length effect Ludic fallacy Magical thinking Magnification and minimization Mental filter Mere-exposure effekt Misattribution Misinformation effect Misinterpretations Modality effect Price illusion Mood-congruent memory bias Moral credential effect

Moral luck Naive cynicsm Naive realism Negativity bias Neglect of probability Next-in-line effect Normalcy bias Omission bias Opimism bias Osborn effect Ostrich effect Outcome bias Outgroup homogenity Overconfidence effect Pareidolia Part-list cueing effect Peak End Rule persistence Pessimism bias Picture superiority effect Planning fallacy Positivity bias Post-purchase rationalization Pro-innovation bias Projection bias Pseudocertainty effect Reactive devaluation Recency bias

Reminiscence bump Risk compensation Rosy retrospection Salience Selective perception Self-relevance effect Semmelweis reflex Social comparison bias Social desirability bias Somatic markers hypothesis Source confustion Stereotyping Subaddivity effect Subject validation Suggestibility Survivorship bias System Justification Telescoping effect Texas sharpshooter fallacy Time-saving bias Tip of the tongue phenomen Ultimate attribution error Unit bias Verbatim effect Von restorff effekt Zeigarnik effekt Zero-risk bias Zero-sum heuristic

there are 2 giants who do it right let’s learn from them, shall we?

People want instant gratification. RIGHT NOW.

You wanna buy from me? Pay 40� upfront.

74% Conversion Rate

„If you double the number of

experiments you do per year you're going to double

your inventiveness“

Jeff Bezos, CEO amazon, 2004

Instant Gratifi-cation

Behavior Pattern #1

Commit-ment

Behavior Pattern #3

Con-venience

Behavior Pattern #2

Top 10 E-Commerce Ventures Germany 2014

No Accident!

takeaway #1 Think about how you can make people commit to

your website over and over again.

HRS Booking.com

Psychologically Engineered Growth

HRS Booking.com

online revenue per year

a genius idea

Unlocking

Reward

Mirko Melcher

mirko.melcher@web-arts.com

Melcher

Mirko Melcher

The Asch Elevator Experiment, 1962

People behave based on other peoples behavior.

Scarcity

Herding

Scarcity

Herding

Social Proof

HerdingHerding

Social Proof

Scarcity

Herding

Scarcity

Zero Risk Bias

Scarcity

Herding

JUST F#%&ING DO IT

Psychologically Engineered Growth

HRS Booking.com

online revenue per year

Positive Feedback

Behavior Pattern #1

Herding

Behavior Pattern #2

Scarcity

Behavior Pattern #3

Gamification

Decision

Simplification

How do I make decisions?

How do other people influence me?

Ho do I perceive things?

How do I react upon relations?

What gives me fun and joy?

What is as conveniant as possible?

Behavior Patterns Behavioral Economics for E-Commerce

Social Perception

Relation

Takeaway #2: Find out what’s the best combination of

behavior patterns for your business model and target audience

+15,8% Conversions

+22,4% Revenue / Visitor

> 2000 conversions per variation

2 sales cycles test duration

Urgency

nur noch 2 Stück verfügbarUrgency

Scarcity

„If you can‘t describe what you are doing as a process, you don‘t know what you

are doing.“

William Edward Deming

Build Measure Learn

Build Measure LearnAnalyse

Find out, what motivates your customers

Build A/B-Tests that can really change behavior

Measure the impact Learn and scale!

Don‘t call it Conversion Rate Optimization.

Call it Growth Rate Optimization.

market dominance

Mirko Melcher Head of Conversion Architecture Web Arts AG // konversionsKRAFT

/mirkomelcher

www.web-arts.com

Thank You!

using neuromarketing to accelerate growth e-commerce - mirko melcher

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