Sonia Friedrich works alongside businesses and individuals to apply behavioural economics interventions, quickly, to business and to life. She is driven to inspire everyone, from start-up entrepreneurs to multi-national Fortune 500 companies, to embed behavioural science within systems and tackle complex problems.
Sonia loves working with CEO's, Company Directors & Key Executives at the forefront of their industry. Why? Because this is where decisions are made.
After being described countless times as an inspirational speaker, we can’t wait to welcome her to the Nudgestock Global stage.
Before we do, here are a few questions to help you get to know Sonia…
What are your top tips to survive lockdown?
“Meditate. Remember to breathe. Turn off the media and listen to your inner media.
I’m been fortunate that in Australia we can go out for exercise and I live in Byron Bay. Every day I’m out in nature.
Calling clients and ask them what they need and checking they are OK and forgetting about business.
Staying grounded and taking extra time with everything when you feel the panic of others, so you can make informed decisions and not get caught up in their stress.
Realise when it all gets a bit much, and stop.”
Tell us about a development in your field that surprised you the most this year?
“What surprises me most is when I uncover a new nudge in my life! It seems to happen every few weeks. I find that exciting. It makes me laugh.
Overall what I’m surprised by in this field is that the interventions are all about disruption, yet the industry itself is mimicking the same models other fields of the past used to establish themselves to be taken seriously. I did think maybe this field would break through to a new way.”
What’s your favourite nudge?
“I don’t have a favourite. I seriously love them all. And experimenting with them on myself and realising that something often so small has great impact, and a ripple effect that I was previously not conscious of. That’s a moment of awe.
I am constantly amazed at how Loss Aversion underpins so many biases. It’s a thread that keeps on popping its head up.”
What is the piece of work you are most proud of?
“Many thankfully. One is the work with Naked Juice Bar in Sweden.
We were able to show that the deletion of a kids cup size had a detrimental and piggyback effect on sales across the entire franchise, not just the loss of sales for the actual product that was deleted. The flow on effect resulted in an immediate and causal 19% decrease in revenue and 11% decrease in the respective franchises.
Nudge: This was a reverse compromise effect (decoy) in action.
Corrective Nudge: We introduced a new cup size that increased sales by 5% within 6 weeks (and it deliberately wasn’t introducing a kids cup!).
A powerful learning for me was the need to introduce pilots when you delete products as much as when you want to launch them to determine true effects.”
And finally, tell us a fact we wouldn’t know about you…
“I dropped out of the business world for about 8 years and got a life! Behavioural Economics was what got me excited about business again, because it’s smart. Changes the game. I love doing this and photography. Both are fun.”
Nudgestock Global session title: Naked Nudges
For more, visit: soniafriedrich.com