A History of Choice

This week, we're taking a historical journey to the 1920’s to explore the evolution of consumer choice. I can’t wait to show you how the roaring twenties shaped the landscape of modern business and paved the way for behavioral economics. By understanding the history of consumer choice, we can gain valuable insights into the factors that influence decisions and the opportunities for innovation in today's marketplace.

Introduction to NUDGES and Choice Architecture

On Tuesday's episode of The Brainy Business , I revisited the ideas of choice architecture and NUDGES, foundational (and Nobel-prize winning) concepts in behavioral economics.

Whether you think about it in advance or not, the way you present information influences the decisions that someone will make. So, in my opinion, it is best to understand how you are impacting these choices so you can be thoughtful about it! This episode, which is the first in a 7-part series explaining the different types of nudges, is a must-listen for everyone who is interested in the field.

The 1920s – Where It All Began

Today, I had the pleasure of speaking with Jason Voiovich , author of Booze, Babe, and the Little Black Dress. Jason's captivating book explores the groundbreaking innovations of the 1920s that transformed consumer culture. From cars and homes to books and entertainment, the Roaring Twenties laid the groundwork for the consumer-driven world we know today. The highlighted evolutions are substantial, including:

• The mass creation of goods, from sewing machines to the “book of the month” club
• The growth of radio advertising and focused content
• The changing role of women
• The impact of credit
• The allure of the automobile, beyond Ford’s Model-T

These innovations, combined with a growing economy and changing social attitudes, created a perfect opportunity for choice-culture to thrive. The 1920s marked a turning point in history, laying the foundation for the consumer-led society we know today.

Brainy Thought of the Week

The Roaring Twenties were a time of unprecedented change and innovation. Understanding the historical context of consumer choice provides valuable insights into the factors that drive decisions today.

Truly customer-centric businesses that embrace innovation are positioned for greatness. As Jason said in his book and our conversation, “Those who learn from the past have the opportunity to repeat it.” 

What greatness is waiting for your brand?

BE thoughtful,

Melina

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