Steve Shu Consulting

When Implementing Behavioral Science, What Is the Role of a Choice Architect?

Steve Shu Consulting

This post is based on an answer I wrote in response to a question posed to me on Quora, “What do choice architects do?”

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Nudging Democratized: A Guide to Applying Behavioral Science

Steve Shu Consulting

In 2019, Inside Nudging will be re-released within a special edition book published by The Decision Lab, entitled Nudging Democratized: A Guide to Applying Behavioral Science. Many thanks to my brilliant co-author, Andrew Lewis, for collaborating with me on this release.

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Podcast Interview on 401(k) Plans and Behavioral Finance Trends

Steve Shu Consulting

Thanks to Rick Unser for having me recently on his 401(k) Fridays podcast. This interview is geared toward defined contribution plan sponsors and those closely related with this segment of the market (e.g., advisors, consultants, recordkeepers, investment only).

How Do Consultants Handle Situations With Clients Who May “Laugh” at Them Relative to Projections and Opportunity Outcomes?

Steve Shu Consulting

Here are some thoughts on how consultants prepare for and handle these types of situations: Projections may be initially tested in safer settings.

Assessing the Five Styles of Enterprise Business Intelligence

The world of BI and analytics has evolved. Discover the five styles of reporting and analysis, and learn the pros and cons of each in an enterprise scenario.

Is Behavioral Economics Used in Business?

Steve Shu Consulting

This post is reproduced from an answer that I wrote on Quora to the question posed to me, “Is Behavioral Economics Actually Used in Business?”

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An Anecdote on How Experimental Design and Statistics Are Used in Behavioral Economics and Business

Steve Shu Consulting

In recent study I having been working with Hal Hershfield and Shlomo Benartzi at UCLA, we worked with a FinTech company that had its roots in providing a mobile app to Millennials to get them to save incremental money through rounding up purchases.

Example Companies Involved with Behavioral Economics

Steve Shu Consulting

Here are some firms and practice groups in the behavioral science and economics space: Behavioral Insights Team – Home – Behavioural Insights Team. BEworks – Home – BEworks. BeSmart at Boston Consulting Group. BVA: BVA : BVA Nudge Unit.

One of the Best Ways to Market Yourself as a New Consultant

Steve Shu Consulting

One of the best ways to market yourself as a consultant is by having someone refer you to a client prospect. This type of marketing can be viewed through the lens of “networking by helping someone” (in contrast to networking and just meeting lots of people).

What Is It Like to Work in a Nudge Unit?

Steve Shu Consulting

This post is based on a question that was posed to me on Quora, What does it look like to work at the Behavioural Insights Team, or any other Nudge Unit?

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How Do Consultants Stay Organized Before Creating Client Deliverables?

Steve Shu Consulting

This post is based on a question posed to me on Quora. Individual consultants and engagement managers usually develop their own ways of organizing information.

Behavioral Economics Versus Behavioral Science

Steve Shu Consulting

There will be different perspectives on the answer to this question depending on context. Put simply, behavioral economics lies at the intersection of economics and psychology.

Thoughts About Finder’s Fees to Other Professional Services Providers as a Consultant

Steve Shu Consulting

This answer is based on a question posed to me on Quora. I’ve only used finder’s fees sparingly over the course of my professional services career.

Implementing Behavioral Science Initiatives

Steve Shu Consulting

Applied behavioral science is a relatively new concept within the business community. This short video is part of planned series of videos to increase awareness and improve the implementation of behavioral science initiatives in business.

Video 265

The Real Key to Performing a Competitive Assessment

Steve Shu Consulting

Assuming that one has capable resources to get the job done, the most important thing needed for a competitive analysis is an articulation of the true problem statement. The need to perform a competitive analysis is not a problem statement in of itself.

How Do Behavorial Scientists Think We Should Deal With Reason And Emotion In Our Decisions?

Steve Shu Consulting

The balancing act is tricky, and I think context and desired outcomes matter. For example: A thirty-year old might have problems saving for retirement because they think of savings as being for stranger.

On Digital Tools, Behavioral Economics, and Retirement

Steve Shu Consulting

Just wanted to share a Harvard Business Review post by my colleague, Shlomo Benartzi. In a nutshell, the digital world opens up many possibilities to apply behavioral economics to help people. Shlomo mentions some research that he, Hal Hershfield, and I recently did with Acorns, a robo-saving app.

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The So What Strategy – A Highly Recommended Book for Business Communications

Steve Shu Consulting

By way of background, I have long history in the consulting space and believe that effective communications separates leaders from the pack. And it’s something that one can continually work on to improve.

New Resolutions and Fresh Starts

Steve Shu Consulting

As we approach the year-end, I wanted to share some thoughts from my book, The Consulting Apprenticeship: 40 Jump-Ideas for You and Your Business. It is a technique that I’ve seen a number of operating companies and management consulting firms use effectively.

Why Do Management Consulting Firms Hire MBAs?

Steve Shu Consulting

Prior to my current role, I spent many years in the traditional management consulting space.

Do Consulting Firms Rely On Hiring Salespeople to Sell Work?

Steve Shu Consulting

Many consulting firms (especially management consulting firms) rely on prior consultants in terms of selling work. Mostly it is because people are the product. In consulting sales, you are selling yourself and your team.

Tips on How Consultants Can Balance Working Long Hours and Managing a Healthy Life

Steve Shu Consulting

Consultants do work long hours. Not as bad as investment bankers though. In my opinion, it takes a conscious effort to have a healthy lifestyle in consulting.

What is the Best Organizational Model for Implementing Behavioral Science?

Steve Shu Consulting

During a recent conversation about user interface design and the differences in approach compared to behavioral science, the topic quickly turned to a question about what is the best organizational model for implementing behavioral science?

Tips on How to Sell Consulting Services Without Giving Away Everything During Pre-Sales

Steve Shu Consulting

A lot of consultants fear that they will give away too much in terms of advice during the pre-sales process.

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The Pursuit of a PhD Resembles an Apprenticeship Model, So I’ll Share Some Thoughts Along the Way

Steve Shu Consulting

I’ve started a journey to pursue a PhD in the area of behavioral finance. I am finding that the process of learning some of the ropes for a PhD resembles that many experience in consulting. Namely, a big component of the process is learning through apprenticeship.

Reflecting on Innovative Methods That Management Consultants Can Use to Pitch Clients

Steve Shu Consulting

I wrote the following post in response to someone on Quora who asked me about innovative methods that management consultants use to pitch clients instead of using PowerPoint presentations. Surprisingly, one can go a long way with Powerpoint presentations.

Navigating Behavioral Science Applications

Steve Shu Consulting

The concept of nudging and more specifically the behavioral science phrase of “no neutral design” has strong historical ties to social and public sector issues. The motivation for the phrase goes something like this.

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How to Become a Go-To Person Within a Consulting Firm

Steve Shu Consulting

I was asked to answer a question about how to become a go-to person when employed within a consulting firm. Here are some thoughts based on my past experience: Be known as a consultant that gets things done on projects in general. This goes a long way in consulting circles.

What Are The Best Management Consulting Books?

Steve Shu Consulting

There are four books that I recommend as core to the generic practice of consulting. These are: The McKinsey Way by Ethan Rasiel. Process Consultation by Edgar Schein (dry read).

Reflecting on Heuristics

Steve Shu Consulting

I was recently asked on Quora, “Should one use heuristics at all as they are prone to cognitive biases?” What follows are my thoughts. Heuristics usually allow people to make quicker decisions.

Behavioral Economics and Innovation Workshops

Steve Shu Consulting

I am co-hosting Behavioral Economics and Innovation Workshops in conjunction with one of my colleagues and partners, Namika Sagara at Sagara Consulting. The goals of these workshops are twofold. First, the workshops teach and demonstrate key behavioral economics (BE) concepts to participants.

Lifehacks for New Management Consultants

Steve Shu Consulting

It’s been nearly twenty years since I started management consulting. I tried to quickly reflect on lifehacks that really helped me in my first year so that other, new consultants might benefit from my learnings. Here are a few to make your personal life better: Never check baggage on flights.

What Should an Experienced Consultant Watch Out for During a Consulting Engagement?

Steve Shu Consulting

Here are seven things on my list: The problem statement for the engagement and the scope of work should always be in focus (including the value of the project); refine the problem statement as necessary.

A Perspective on How Behavioral Economists Think We Should Deal With Reason and Emotion in Decision Making

Steve Shu Consulting

I thought I would re-post an answer to a question I was asked to answer on Quora, as it illustrates a conceptual flavor of how knowledge of behavioral economics can be applied to help navigate behavioral obstacles and opportunities.

Update on Inside Nudging and Other Behavioral Science (e.g., Behavioral Economics) Efforts

Steve Shu Consulting

I am in the process of publishing an update to Inside Nudging: The Excerpts (as a free release in Apple iBook format and in paperback form for talks, workshops, and academic inquiries). The update includes: Chapter 2: Organizations Can Package Behavioral Science for Good – This chapter describes a case of using behavioral finance in the retirement plan design space. I use this case to demonstrate one example of what a successful innovation center might look like.

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Inside Nudging: The Excerpts (release 1)

Steve Shu Consulting

If you are interested in the the management of behavioral science initiatives, the Introduction and Chapter 1 are now available for free in iBook format. More at www.InsideNudging.com. Behavioral Economics Business Development General Management Innovation Uncategorized

Nudging and Behavioral Architecture

Steve Shu Consulting

Applied behavioral science is a relatively new concept within the business community. This short video is part of planned series of videos to increase awareness and improve the implementation of behavioral science initiatives in business.

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A Brief Intro to Behavioral Science

Steve Shu Consulting

Applied behavioral science is a relatively new concept with the business community. This short video is part of planned series of videos to increase awareness and improve the implementation of behavioral science initiatives in business.

Video 195

What Could Be the Relationship Between Design, Behavioral Sciences and Innovation?

Steve Shu Consulting

One concept that I describe in my recent book, Inside Nudging: Implementing Behavioral Science Initiatives , draws from Roberto Verganti. He uses the term, “Design-Driven Innovation.” I re-coin the concept as “Meaning-Driven Innovation” to ease the explanation a bit.

Wilde Agency Interview With Steve Shu: Nudging, Behavioral GRIT & The Effort It Takes

Steve Shu Consulting

The Wilde Agency graciously interviewed me regarding behavioral economics and. perspectives from my new book, Inside Nudging: Implementing Behavioral Science Initiatives. The interview is on the Wilde Agency blog.