The authenticity of organisational culture in the age of #millennials

Oh No! the culture is not what you advertise on the career section of your website. Neither artificial intelligence is intelligent enough to define what millennials are exceedingly demanding in their jobs. Free meals are okay as long as you have the right people to grab lunch in the campus cafeteria. By saying, right people, I mean those who are passionate about their work, respect the diligence of authority and love to explore the blessing of diversity.

Conscious consumers” was one of the hottest trends in 2018. As per Euromonitor: Millennials are not just worried about plastics. Welcome to the age of the #woke consumer, when companies are evaluated by their treatment of animals and working conditions across the supply chain.

In this spring of ‘consciousness,’ organisations should give heed what they stand for when it comes to employees. Like really what the stand for, not just the bullsh*t they are feeding since the age of exploitation.

The hottest interview question that HR managers should ask the potential employees in 2019:

“What kind of organisation would you like to work for?”

Meditation of The Day

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1 Minute Read: Want to be well perceived?

Have you ever thought that saying “thank you” can help you to build new relationships? A study conducted by the University of New South Wales has shown for the first time that thanking a new acquaintance for their help makes them more likely to seek an ongoing social relationship with you.

Expressing gratitude changes how others perceive you. “Saying thank you provides a valuable signal that you are someone with whom a high-quality relationship could be formed,” says UNSW psychologist Dr Lisa Williams, who conducted the research with Dr Monica Bartlett of Gonzaga University in the US.


Old-fashioned good manners and a simple thank you are among the best ways to establish new relationships, UNSW research shows

If you can make it memorable, for instance, to write a handwritten thank-note, it can be miraculous. It makes others feel important to perceive you as someone who should be reciprocated with the equally generous intent.

Thank you for taking time to read it! 🙂


“50% Frightened: 50% Excited,” 6 remarkable quotes of Duncan Wardle at South Summit 2018

Duncan Wardle is former vice president of innovation and creativity at Disney, the world’s most creative organization, the Walt Disney Company. He now serves as an independent innovation and design thinking consultant, helping companies embed a culture of innovation and creativity across their organization.

Image result for duncan wardle hd

He was a keynote speaker at South Summit 2018. His impressive speech was persuasive enough to reiterate the famous quote of Albert Einstein,  “Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution.”

 

Here are six beautiful excerpts of his speech:

 

“Consumer insights have been under-used.”

 

“Big data is faster but consumers are humans, they have emotions.”

“If you are not doing different, you are not innovating.”

 

“13% of a human brain is conscious, 87% is unconscious. You cannot access the subconscious brain when stressed.”

 

“AI will not have curiosity, imagination, creativity and intuition. Humans are born with it.”

 

“50% excited, 50% frightened is a good place to be.” Talking about bravery and risk.

Psychology of Pricing: The Decoy Effect

Have you ever thought of pricing beyond cost + margin?

Did you ever notice the way you make decisions by available choices?

Did you ever feel curious when a book judged by its compelling cover became a boring read?

Have you ever thought why a shirt is priced at 2999 instead of 3000?

Most of the times we make irrational iterations to justify the rationality of our decisions. Psychology plays a mindboggling part in pricing and many times we fall into the trap of it and end up buying more, expensive or even useless.

Psychological pricing has many forms, and you may come across many such types of things around your local retailers or grocery shops. Just like I bought apples on a relatively high price because of a sticker depicting “High Quality,” only to find them rotten inside. Damn smart street vendors!

The decoy effect is definitely not the only cognitive bias that is apparent in humans.

To understand The Decoy Effect, let’s start with an example:

The Economist is widely known for using The Decoy Effect. Out of the below-mentioned choices, try to choose one out of three offers:

Image result for decoy effect and anchoring

Many of us will argue that the offer I (left) is the best option. It is cheap to have both the subscription for US$15, which are worth of US$24 (US$12 each). You will suddenly feel that you are making a rational choice with a right amount of deal. Other options seem irrelevant, and you are ended up spending more even if you do not need one or other kind of subscription.

Dan Ariely found in The Economist magazine and wrote about in his book Predictably Irrational but it touches on the concept of decoy pricing or the “asymmetric dominance effect” effect.

Confused?

Let’s take another example: The bottle with $30 tag suddenly becomes reasonable after the introduction of $50 tag bottle.

Image result for decoy effect and anchoring

 

Event: Branding building in the age of cognitive overload

Since Professor Richard Thaler has got Nobel in Economics for his theory about “Exuberance is Rational,” it is sort of introspection for me to sit and re-look the concepts of marketing I know. I always perceived myself as an irrational customer, that’s why I was reluctant to pay the maintenance fee for 1 year at CR7 CRUNCH when I am about to use it for 9 months. Yes, Eli (MRCB Partner in crime) found it weird, and I kept my point explaining the concept of rationality.

Prof Thomas Ramsoy did answer my question in a beautiful way that how important it is for managers and academicians to collaborate and work to achieve the purpose of grabbing “attention” of customers in the times of cognitive overload.

Neuromarketing is indeed a beautiful invention of cutting-edge technology to analyze what a consumer never shares. It indeed tells us how a consumer “behaves” in a particular situation without even consciously intended to. Learning about the brain always makes me inquisitive that how capable it is, thanks to my association to positive psychology.

It was an informative session from an eminent professor, who is also the founder of Neurons Inc, revealing the exciting facts about brain and how it is targeted in the world of marketing. In a race of seizing the pie of a customer’s market-share, how brands end up without even getting noticed.

There is no tunnel with a single way, while the time is limited and the customer is impatient. It is the matter of a couple of seconds, in which customer makes its purchasing decisions. Challenge is to focus on direct emotions, not just liking.

Nevertheless, there is a lot to learn for marketers from Neuroscience, and it is the time to “re-search” the subconscious!