Ever made a New Year’s resolution you didn’t keep, procrastinated when you shouldn’t have, or followed the crowd without thinking? We thought so. Everybody does, including your competitors, your employees and your customers.
Behavioural Economics is a powerful discipline which has developed tools to understand why people act as they do, with all their foibles, fancies and all-too-frequent departures from rationality. It is a field that seeks to deal with people as they are, not as we think they should be. Applying insights from this field can solve tricky problems faced by businesses wherever people are involved. Interested in finding out more about Behavioural Economics?
Worried that you are not earning as much from your portfolio of products as you could be? Wondering if you should change your pricing, and by just how much? Eyeing out a competitor and wondering if now is the time to make a move? These sorts of questions sit right at the heart of the discipline of Microeconomics.
Microeconomics is an active field that inherits more than a century of thinking – thinking like how people can make optimal choices to satisfy practically unlimited wants within a context of scarce resources. We can bring this expertise to bear on your behalf, providing answers you can use in the here and now, before someone else does. Interested in finding out more about Microeconomics?
Administrative data is data that is generated by systems which companies use to administer their day-to-day business, hence the name. This data captures the actual behaviour of your customers, staff and potentially even your competitors.
It does this every business day, whether the economy is up or down, whether it’s winter or summer, when school is in and when it’s out. As a result, It is a rich resource that can tell you what your people are doing, in every circumstance, and often why. Best of all: this is data you already have, so data collection costs are cut, meaning that research with this data is definitely affordable.
GMT+ is well versed in the techniques required to analyse administrative data. Give us a call and we will make your data speak.
When your administrative data is silent on an issue you need an answer to, GMT+ can help you design an experiment to answer a “what if we do this” question, or a survey to answer a “Who are they and what are they thinking” set of questions.
There are a host of ways in which surveys can be designed, targeted and administered. GMT+ can help you creatively design a survey that will take between 5-10 minutes and, together with your other data sources, yield rich insight without alienating whole swathes of your market by means of a meandering survey.
If you’re wondering whether you should do something or not an experiment may be the best way to give you guidance. Whether your question is super precise and requires the tight control of a lab experiment, or it absolutely needs to be tested in the real world (or even a mixture) GMT+ can tailor-make an experiment to efficiently meet your needs.