Understanding the Customer Journey is one of 14 courses in our subscription program. Starting April 2, this 5-week program delves into essential techniques to map, influence, and optimize the customer experience, driving loyalty and growth. Led by Tom Thompson, Chief Economist at Havas Edge, the course highlights his expertise in blending economic principles with AI and machine learning to craft innovative brand strategies for clients. Tom is also an Accelerator guest instructor as well as a Lead Mentor.

From Psychology to Profit: Insights into Customer Behavior

A conversation with Tom Thompson

I recently spoke with Tom Thompson, Chief Economist at Havas Edge, to discuss his course, Understanding the Customer Journey, one of the flagship Academy courses. In our conversation, Tom delves into the inspiration behind the course, how his background in economics, AI, and machine learning informs his teaching, and what attendees can expect to take away from this transformative program.

What inspired the creation of this course on understanding the customer journey?

The customer journey is foundational to any successful marketing strategy, yet it’s often misunderstood or oversimplified. I created this course to bridge that gap, offering a comprehensive framework that includes everything from understanding Economic Value to the Customer (EVC) to mapping memory structures and leveraging psychological triggers. My aim is to equip participants with actionable insights they can directly apply to build loyalty and drive long-term growth for their brands.

Why is Economic Value to the Customer (EVC) so important?

EVC is the backbone of effective pricing and value communication. It shifts the focus from what a product costs to the value it creates for the customer. By understanding factors like reference value and emphasizing positive drivers while minimizing friction, businesses can align pricing with customer perceptions, ensuring they deliver genuine value while optimizing revenue.

Could you explain the significance of memory structures in the customer journey?

Memory structures are how consumers think about and remember your brand, and they play a critical role in every stage of the customer journey—Search, Engage, Convert, and Advocate. A strong memory structure means your brand is the first one they think of when looking for a solution, and it stays consistent throughout their decision-making process. Building these structures is all about storytelling, emotional branding, and consistent messaging.

Why is consumer education such a critical focus?

An informed customer is an engaged and loyal customer. When people understand the value your product or service provides, they’re more likely to see it as worth the investment. Education doesn’t just build trust—it deepens the relationship between a brand and its audience. Whether through social media, blogs, or interactive tools, continuous education helps brands remain relevant and valuable in a fast-changing market.

Can you share examples of psychological triggers that influence willingness to pay (WTP)?

Sure. Reciprocity, scarcity, and social proof are classic examples. A free trial, for instance, can create a sense of obligation, increasing the likelihood of purchase. Limited-time offers tap into scarcity, creating urgency. Social proof, like customer reviews or influencer endorsements, helps build trust. These psychological triggers make the value of your offering more tangible and persuasive.

How does the course address market adaptation and innovation?

This course emphasizes staying agile and putting the consumer at the center of every decision. Markets are always evolving, and brands need to keep pace by innovating and adapting. From using AI for hyper-personalized engagement to aligning with broader trends like sustainability, the course gives participants tools to stay ahead. It’s about being proactive in shaping trends rather than reacting to them.

Can you share a real-world example that ties these concepts together?

Tesla is a fantastic case study. They’ve nailed EVC by highlighting their premium features and sustainability benefits. Their consumer education strategies have shifted perceptions of electric vehicles, turning skeptics into fans. Through consistent storytelling and branding, they’ve built strong memory structures. And by leveraging exclusivity and endorsements, they’ve justified their premium pricing. Tesla’s approach shows how these concepts can come together to revolutionize a market.

What’s the key takeaway for participants completing this course?

The core message is simple: put the customer at the heart of your strategy. Success comes from understanding their journey, influencing their perceptions, and continuously evolving to meet their needs. By applying these principles, you’ll not only drive growth but also build loyalty that lasts.

Regina Ryan is president of Harvard Alumni Entrepreneurs

Learn more about this course

INSTRUCTOR

Thomas J. Thompson (Tom) is the Chief Economist at Havas Edge, leveraging over 20 years of experience in behavioral economics and advanced analytics to help brands achieve measurable results in a rapidly changing market. He specializes in understanding the motivations and biases that drive consumer behavior, using data-driven insights, macroeconomic analysis, and emerging technologies like AI and machine learning to optimize audience targeting and messaging. His passion lies in helping businesses navigate uncertainty, harness innovation, and uncover growth opportunities.