Dan Monheit is the co-founder of Hardhat agency in Melbourne. Having started the agency fresh out of university, Dan has since had 15 years in the industry. Over the years he has seen the agency transform from a digital agency to a creative agency. At the centre of this transformation has been technological advancement coupled with the understanding of customer behaviours. Over the last 9 months Dan has seen the future of work evolve.Dan has his own podcast called Bad decisions which breaks down heuristic’s week by week.At the heart of Dan’s work is behavioural economics and heuristics. With goal to understand how people make decisions.
In this episode, we discuss: - An overview of behavioural economics and heuristics- The availability bias. The more easily you can record an example something the more likely it is to happen.- Heuristics – we are not the rational decisions makers that we believe we are. Heuristics are hacks that help us get through our day.- 1950s behavioural economics- we don’t make rational decisions all the time. Based on emotion, context and biases in which we make the decisions.- How the brain works to make decisions from an evolutionary perspective.- Social proof- built around the idea that we are social creatures by design. At a visceral level our brain is created to imitate others. Being with the group is often more important that being correct. Show the heard- find the way to show people that others have already picked you.- The licensing effect- ‘treat yourself.’ Inherit desire to balance our virtuous and indulgent self. Doing one thing that offsets another because we think we deserve it.- The effort bias- around our difficulty in trying to understand the value of something. High degree of effort = high value. Work out how you can celebrate all the hard work going in. Examples given from Wine/whiskey industry.- Our desire to take the safest option most of the time.- Counter trends to effort bias.
Three Quick Questions: - A business Book you recommend – Predictably Irrational: Dan Ariely- Person to follow on social media or digital media? – Benedict Evans- fortnightly newsletter and podcast.- One on one dinner with a living person? – the right thing to say is my kids, but I would also like to invite Rory Sutherland around.
To find out more about Dan or to contact him, connect with him on LinkedIn:Hardhat.com.auBad decisions Podcastlinkedin.com/in/danielmonheit