You are devoted to building a consumer-centric business. You believe in basing business strategy on data. And you need to back the best bets. Doing these well requires a firm understanding of human decision-making - so you can influence the decisions of your consumers, advocates, and investors, as well as make your own confident decisions.
If it's all about decision-making, then why not start - and end - with a Decision Science framework?
A Decision Science framework is powerful in informing product innovation, brand strategy, pricing strategy, workplace culture development, and any other business issue you're dealing with. This means you don't need to hire separate consultants to help with the different choices in front of you. A Decision Science approach is holistic, ensuring that decisions you make in one aspect of your business amplify other aspects in positive ways while preventing unanticipated problems that can ripple throughout your organization.
Decision Science rests on the premise that all of our choices are swayed by individual- and social-level forces that we may not be aware of. Know what these forces are, and how they influence the specific decisions in front of you, and you'll be better able to avoid poor decision-making.
Businesses that use Decision Science insights can more effectively serve consumers, be noticed and preferred in the market, and nurture healthy workplace environments. Decision Science can give you confidence about the best path forward, no matter what your market environment looks like.
HEURISTICS AND BIASES
Behavioral Science has revealed many ways in which mental short-cuts ("heuristics") and biases influence decision-making. Understanding how heuristics and biases work can help you avoid making your own sub-optimal business decisions. They can also help you ethically nudge consumers toward decisions that are beneficial to your business.
NORMS AND CULTURE
Research in anthropology and sociology tells us that decisions are constrained by their contexts. Which means consumer sub-cultures can sway decision-making. Tech culture, mom culture, foodie culture, yoga culture... the social norms that govern behavior in these groups can sway how people decide what to purchase. Even your own company's culture can sway your decisions.
MEANING AND IDENTITY
Humans are wired to look for meaning in the world, to make sense of our experiences. Sociology tells us that we create meanings through social interactions - about our environment as well as about who we are. Knowing how consumers perceive the world through symbols and their own identities can help you speak to them in an influential way. Mindfulness of your own meaning-making can help you make your own more confident choices.
GROUPS AND TIES
Herd behavior is real, as are bandwagons, and they can lead to sub-optimal decision-making. Who you know can shape your opportunities - and your options. Your connections can also make some options seem more appealing than they actually are. How your organization is structured matters a lot as well: the degree of hierarchy in your org, and the structure of your org, can influence business growth. Awareness of social structure is essential.