Hello you beauties. Access all episodes 10 hours earlier than RUclips by Subscribing on Spotify - spoti.fi/2LSimPn. Here’s the timestamps: 00:00 Intro 01:03 How Businesses Use Discounts to Trick You 07:36 Extremeness Aversion 18:17 Our Naive Reaction to Numbers & Fonts 25:19 Christian Aid’s Engagement Experiment 31:53 The Importance of Framing in Marketing 42:14 How Marketers Manipulate Our Desire for Fairness 52:30 Triggering Consumers’ Righteous Indignation 1:04:05 The Red Sneaker Effect 1:08:54 The Halo Effect 1:17:54 Making the End of an Experience Great 1:27:53 Where to Find Richard
Extremeness aversion - Way back in the 90s I went to a talk demonstrating that Gray Jays (the birds) can be manipulated in their assessment of risk in the exact same way. They taught the birds to retrieve a peanut from clear tubes of various lengths. They always go for the easiest first, and then gradually go for longer and longer tubes, up to a point. Most jays had a length beyond which they wouldn't crawl in to retrieve the peanut, but by introducing an even longer tube, they'd push their own limits.
3 is less than 4. People are stupid. Edit: of course, 1/3 is more than 1/4, but stupid people only see the 3 and 4. Edit 2: plus, fast food exists to make money off the stupid and lazy, so it would make sense that their customers would make stupid and lazy decisions.
This reminds me of a story I heard about a big retail store in the US. (Maybe JC Penny). But at one point they tried getting rid of sales events and just marketed lower prices all around. It failed. Turns out people like to pay the same price but think they are getting a deal because the item is on "sale".
I love it how, after talking about the peak end rule, you end your discussion by telling them, they are one of the very few people you follow on instagram. Well done, sir!
This makes me think of the time I found out that when asking for a cigarette from a stranger everyone would give it for free when I offered to buy it for an absurd amount of cash like 5 euros. "Can i have one of you cigarettes I will pay you 5 euros." And you always get one for free.
I wonder if the same works for proposing sex! Walk up to a pretty girl and tell her you'd pay her $1000 for a hug - will she give you one for free? If she does, offer her $5000 for a kiss. Would she then give you a kiss for free? And if she does, offer her $$50,000 for sex. Would she bang you for free?
Guitar companies seemed to have mastered extremeness aversion. They all seem to make some very expensive models and some low quality inexpensive models, while their main purpose is to sell their still fairly overpriced mid-tier products. Thanks for describing the reason for this so clearly to me.
Well done, sirs. Fascinating topic. Nice to see the interviewer with some knowledge of, and a genuine interest in, the topic and the guest. This podcast never fails to interest me. With thanks.
Wendy's founder Dave Thompson offered a Triple Burger - that he never expected to sell well - in order to get people to buy the double burger which at the time was not selling well at all. Sales of the double burger went through the roof. Thompson was a functional psychologist.
Facinating. These are easy calculations, yet like he says people make fast decisions. Especially for cheap prices that makes sense vs buying a new car etc.
Excellent! Now looking for the book and the first part of the conversation. The topic is fascinating. It makes me more aware and cautious as a customer.
This is a really good discussion if you are interested in these topics, jaja. I am struggling to be interested because it's about clicks and engagement, shopping and all this other stuff that I don't care about or have a desire to learn or think about. Still, thanks for making and sharing. I like the heart and humanity people or the veteran experts most. Self help is kind of boring, really, because the advice we give has to do with us more than the other person and what they need or should do. The one marketing guy is great, rory sutherland?, really good. Last point, we put too much emphasis on the online experience, stuff that happens on the world wide web and adjacent. What matters most is peoples lived, felt, and social life in their real world, and that is getting steadily eroded, some say. And rarely gets talked about, I say. It's like with drugs, you can talk about how much damage drugs cause but what about why so many people readily accept that damage, people do drugs for a reason. Is it a case of don't look over here? Thanks for putting your stuff out.
The first rule discussed reminds me of the C19 Death Counts that used to air daily on mainstream media. They never discussed rates of death, either by percentage of population, specific demographics, or in terms of daily rate (unless that daily rate was increasing relative to the day before.) They just wanted to strike fear in the population by reporting total deaths, without any context whatsoever. Similarly, I notice mostly the same trend with reporting financial news. They always report the dollar change of the Dow or S&P500 from the previous day, but rarely emphasize the percentage change. They also rarely report longer term trends. It's just breathless hype about how many dollars the price of these indicators have changed in a day. Utterly meaningless, but it incites anxiety which grabs attention.
They report what causes the most reaction from the reader, if they're able to move you emotionally you're more likely to read again. It's pure manipulation, otherwise they'd have a lot less readers/followers. The thing is they have to report in this way, because that's how they make money, and if they don't another company will and you can't let them "outperform" you because it's competition. It's rotten from within
@@stumpu96 @@stumpu96 Exactly. I have another comment on this video explaining the competitive advertising "arms race" you have implied. It's sad that we have allowed unregulated capitalism to take over everything with it's single-minded purpose of optimizing profit.
Once my wife sold some videos at a car boot sale to a guy who wanted a discount on the £2/video rate and kept pestering her about it. She said’ Ok , seeing as you won’t take no for an answer I’ll do a deal of 5 videos for a tenner’ Guys face lit up and off he went with five videos at £2 each ! 😂
The increase in the number of commercial breaks is very annoying. Yes, spring for YT premium and the problem goes away, but I could just watch another podcast I like that had fewer ads. Think about it - because I am.
Funny about the 75% to 25% lean to fat, I'm the opposite I want the fat emphasized, these trends can definitely change with public opinion changes on certain products.
Like you, I would choose the ground meat with higher fat, up to a point. 25% fat is probably the max, otherwise I think it would indeed be too greasy. But I don't think either one of us needs fat or lean to be emphasized, as I think we're both capable of seeing the meat as the same no matter which is emphasized. I can do simple arithmetic well enough to know 75% lean means 25% fat or that 25% fat means 75% lean. These tactics work on everyone, but they work better on fools.
@Brushstroke yeah I tend to be a lot more analytical than the average person these sales strategies are used on. I wouldn't just decide 25% off sounds better than $10 off. I do the math and figure out which option actually is actually the better value.
Perception is reality for most people. The average person just wants to live their life and enjoy it without much moral thought for the effect of their actions against other people. This is why I do not like the calls to action to be better people. Like unto like. Why would I care for the masses of people that never gave thought to any of their actions and have inadvertently screwed me over without thought in a careless unthinking stupor? All I want is to make enough money to create a bubble to insulate myself and my loved ones. To be better as a person, is to handicap yourself.
You would do better because you know better, and you teach by your example. By instead choosing to view this as a "dog eat dog world", you communicate and teach that, thus ensuring it stays that way. At least the people who are unaware of their lack of consideration for others are unaware of their behavior and not doing it on purpose. You are aware of it and have chosen to be ruthless. Your mentality is that of a sociopath and shared by every great villain of history. Give yourself another pat on the back.
Interestingly, using the number "8" in this title is a psychology hack. It gives people a concrete number that they can understand. I think just writing "psychology hacks" would not have had the same effect. What do you think?
Bottom line: advertising and selling is all about manipulation. Why must all businesses be so greedy? It's an arms race. One business decides to be greedy and thus chooses to manipulate customers using all these swindly tactics. That business then outcompetes the honest businesses that want to help their customers as much as they want to make a fair profit. So then they either go out of business or they take up the advertising arms race in order to compete. In so doing, they also become more driven by profits than by fostering win/win exchanges with customers. Now we have an unregulated capitalism that has simply run amok, always optimizing for maximum short term profits and ignoring all long term societal comsequences. I have always enjoyed learning about human behavior, and marketing has always been fascinating to me. I think I'd be good at it, but I've never wanted to do it because I don't think we should be trying to take advantage of other people. Fook, the world is so slimy. When is enough enough? I am losing hope in humanity. Why would I start a business if it means I have to treat all my brothers and sisters as "marks". I'm disgusted.
I love your content but adverts, what feels like every five minutes, will turn me away. Perhaps you've been in America too long or are you studying our reaction to adding more adverts?
Hello you beauties. Access all episodes 10 hours earlier than RUclips by Subscribing on Spotify - spoti.fi/2LSimPn. Here’s the timestamps:
00:00 Intro
01:03 How Businesses Use Discounts to Trick You
07:36 Extremeness Aversion
18:17 Our Naive Reaction to Numbers & Fonts
25:19 Christian Aid’s Engagement Experiment
31:53 The Importance of Framing in Marketing
42:14 How Marketers Manipulate Our Desire for Fairness
52:30 Triggering Consumers’ Righteous Indignation
1:04:05 The Red Sneaker Effect
1:08:54 The Halo Effect
1:17:54 Making the End of an Experience Great
1:27:53 Where to Find Richard
*Tosses a comment to the algorithm*
As someone with little marketing experience who is just getting into dropshipping, this podcast provided me with immeasurable value.
That thumbnail …
I went to the comments section for this reason 🤣🤣🤣🤣
He's used it before. Part of me wants it tattooed
Was thinking the same thing 🤣
Unsettling to say the least.
Just a depiction of the word mindf*ck
Every study he cites is "lovely"
Lovely ❤
How lovely indeed😂
Extremeness aversion - Way back in the 90s I went to a talk demonstrating that Gray Jays (the birds) can be manipulated in their assessment of risk in the exact same way. They taught the birds to retrieve a peanut from clear tubes of various lengths. They always go for the easiest first, and then gradually go for longer and longer tubes, up to a point. Most jays had a length beyond which they wouldn't crawl in to retrieve the peanut, but by introducing an even longer tube, they'd push their own limits.
"People are attracted to bigger numbers."
Remember, A&W's 1/3 lb burger failed because people thought 1/4 was bigger.
3 is less than 4. People are stupid.
Edit: of course, 1/3 is more than 1/4, but stupid people only see the 3 and 4.
Edit 2: plus, fast food exists to make money off the stupid and lazy, so it would make sense that their customers would make stupid and lazy decisions.
This reminds me of a story I heard about a big retail store in the US. (Maybe JC Penny). But at one point they tried getting rid of sales events and just marketed lower prices all around. It failed. Turns out people like to pay the same price but think they are getting a deal because the item is on "sale".
I love it how, after talking about the peak end rule, you end your discussion by telling them, they are one of the very few people you follow on instagram. Well done, sir!
This makes me think of the time I found out that when asking for a cigarette from a stranger everyone would give it for free when I offered to buy it for an absurd amount of cash like 5 euros.
"Can i have one of you cigarettes I will pay you 5 euros."
And you always get one for free.
I wonder if the same works for proposing sex! Walk up to a pretty girl and tell her you'd pay her $1000 for a hug - will she give you one for free? If she does, offer her $5000 for a kiss. Would she then give you a kiss for free? And if she does, offer her $$50,000 for sex. Would she bang you for free?
Anybody: *silence*
Richard Shotton: That reminds me of an AMAZING study from a wonderful, wonderful behavioral scientist back in...
Guitar companies seemed to have mastered extremeness aversion. They all seem to make some very expensive models and some low quality inexpensive models, while their main purpose is to sell their still fairly overpriced mid-tier products. Thanks for describing the reason for this so clearly to me.
Well done, sirs.
Fascinating topic.
Nice to see the interviewer with some knowledge of, and a genuine interest in, the topic and the guest.
This podcast never fails to interest me.
With thanks.
Wendy's founder Dave Thompson offered a Triple Burger - that he never expected to sell well - in order to get people to buy the double burger which at the time was not selling well at all. Sales of the double burger went through the roof. Thompson was a functional psychologist.
Facinating. These are easy calculations, yet like he says people make fast decisions. Especially for cheap prices that makes sense vs buying a new car etc.
I remember listening to some of your videos last year and there was no advertisements … now Holy sh$t … every 6 minutes
Excellent! Now looking for the book and the first part of the conversation.
The topic is fascinating. It makes me more aware and cautious as a customer.
I enjoyed psycho analyzing the commercials to see what tricks they were trying to use in between topics
This is a really good discussion if you are interested in these topics, jaja. I am struggling to be interested because it's about clicks and engagement, shopping and all this other stuff that I don't care about or have a desire to learn or think about. Still, thanks for making and sharing. I like the heart and humanity people or the veteran experts most. Self help is kind of boring, really, because the advice we give has to do with us more than the other person and what they need or should do. The one marketing guy is great, rory sutherland?, really good. Last point, we put too much emphasis on the online experience, stuff that happens on the world wide web and adjacent. What matters most is peoples lived, felt, and social life in their real world, and that is getting steadily eroded, some say. And rarely gets talked about, I say. It's like with drugs, you can talk about how much damage drugs cause but what about why so many people readily accept that damage, people do drugs for a reason. Is it a case of don't look over here? Thanks for putting your stuff out.
The first rule discussed reminds me of the C19 Death Counts that used to air daily on mainstream media. They never discussed rates of death, either by percentage of population, specific demographics, or in terms of daily rate (unless that daily rate was increasing relative to the day before.) They just wanted to strike fear in the population by reporting total deaths, without any context whatsoever.
Similarly, I notice mostly the same trend with reporting financial news. They always report the dollar change of the Dow or S&P500 from the previous day, but rarely emphasize the percentage change. They also rarely report longer term trends. It's just breathless hype about how many dollars the price of these indicators have changed in a day. Utterly meaningless, but it incites anxiety which grabs attention.
They report what causes the most reaction from the reader, if they're able to move you emotionally you're more likely to read again. It's pure manipulation, otherwise they'd have a lot less readers/followers. The thing is they have to report in this way, because that's how they make money, and if they don't another company will and you can't let them "outperform" you because it's competition. It's rotten from within
@@stumpu96 @@stumpu96 Exactly. I have another comment on this video explaining the competitive advertising "arms race" you have implied. It's sad that we have allowed unregulated capitalism to take over everything with it's single-minded purpose of optimizing profit.
This talk is sooo money for my business. I’ll check out the book.
Very good information for advertising! Thank you so much!
I bet entities that use advertising pay this fella oodles & oodles of money for his knowledge 💰💰💰
great and interesting conversation
VERY NICE, really enjoyed this.
Thanks to you both.
Excellent content. Thanks.
Once my wife sold some videos at a car boot sale to a guy who wanted a discount on the £2/video rate and kept pestering her about it. She said’ Ok , seeing as you won’t take no for an answer I’ll do a deal of 5 videos for a tenner’
Guys face lit up and off he went with five videos at £2 each ! 😂
Me: "My brain has had a red pill this whole time?"
*Thumbnail holding finger to my head* "Always has been"
I just bought his book on audible😎
First one sounds like the classic. "People don't understand per capita"
What a lovely podcast
A lovely study
I'll tell my kids this thumbnail is what sapio sexual means
The increase in the number of commercial breaks is very annoying. Yes, spring for YT premium and the problem goes away, but I could just watch another podcast I like that had fewer ads.
Think about it - because I am.
Funny about the 75% to 25% lean to fat, I'm the opposite I want the fat emphasized, these trends can definitely change with public opinion changes on certain products.
Like you, I would choose the ground meat with higher fat, up to a point. 25% fat is probably the max, otherwise I think it would indeed be too greasy. But I don't think either one of us needs fat or lean to be emphasized, as I think we're both capable of seeing the meat as the same no matter which is emphasized. I can do simple arithmetic well enough to know 75% lean means 25% fat or that 25% fat means 75% lean. These tactics work on everyone, but they work better on fools.
@Brushstroke yeah I tend to be a lot more analytical than the average person these sales strategies are used on. I wouldn't just decide 25% off sounds better than $10 off. I do the math and figure out which option actually is actually the better value.
47:45 That type of behavior is illegal here in Brazil. (Not saying it doesn't happen though.)
What is the name of the app mentioned before extreme aversion
What does your diet look like in a day? Thx
AMAZING VIDEOS. VERY INFORMATIVE. THANK YOU CHRIS. LOVE AND RESPECT FROM RUSSIA 🌹
Gotta buy those red sneakers...
Nice.
I am an atheist... And i loved this conversation
Perception is reality for most people. The average person just wants to live their life and enjoy it without much moral thought for the effect of their actions against other people.
This is why I do not like the calls to action to be better people. Like unto like. Why would I care for the masses of people that never gave thought to any of their actions and have inadvertently screwed me over without thought in a careless unthinking stupor? All I want is to make enough money to create a bubble to insulate myself and my loved ones. To be better as a person, is to handicap yourself.
You would do better because you know better, and you teach by your example. By instead choosing to view this as a "dog eat dog world", you communicate and teach that, thus ensuring it stays that way. At least the people who are unaware of their lack of consideration for others are unaware of their behavior and not doing it on purpose. You are aware of it and have chosen to be ruthless. Your mentality is that of a sociopath and shared by every great villain of history. Give yourself another pat on the back.
What's the name of the app?
Wow. TK Maxx is what they call it in Britain? Interesting TJ Maxx is the exact same thing.
Just graduated with a bachelors of science in marketing. Looking forward to pursuing a career in consumer behavior!
The guy just hears about how he should tell us to "become a subcriber" but the outro still says "to subscribe"
Interestingly, using the number "8" in this title is a psychology hack. It gives people a concrete number that they can understand. I think just writing "psychology hacks" would not have had the same effect. What do you think?
That thumbnail is crazy 😂
Bottom line: advertising and selling is all about manipulation. Why must all businesses be so greedy? It's an arms race. One business decides to be greedy and thus chooses to manipulate customers using all these swindly tactics. That business then outcompetes the honest businesses that want to help their customers as much as they want to make a fair profit. So then they either go out of business or they take up the advertising arms race in order to compete. In so doing, they also become more driven by profits than by fostering win/win exchanges with customers. Now we have an unregulated capitalism that has simply run amok, always optimizing for maximum short term profits and ignoring all long term societal comsequences.
I have always enjoyed learning about human behavior, and marketing has always been fascinating to me. I think I'd be good at it, but I've never wanted to do it because I don't think we should be trying to take advantage of other people. Fook, the world is so slimy. When is enough enough? I am losing hope in humanity. Why would I start a business if it means I have to treat all my brothers and sisters as "marks". I'm disgusted.
Miss the time cues
40-10-5 is 48.7% off
brilliant talk - so so interesting
Omg! Breaking points used the extremist options to get people to sign up for yearly subscription. 😂😂
Tell me how my wife was convinced to invite a salewoman to my house to demo a vegetable chopper with a 2000$ price tag.
Algo Rhythm
chapters? bullet point the 8 ...
The thumbnail though................
You marketed this video alone with the "sex sells" stance by using this thumbnail didn't ya? I swear I clicked on it for the other information too 😏
53:30
TJmaxx
That fairness study is very interesting in a privilege context
Dillan Muvany convinced me to buy Bud Light, and now I'm a heterosexualy challanged alcoholic. Please help.
Algorithm.
Thumbnail found the elusive B Spot 🥴🤤
❤️💖❤️💖🙏💖❤️💖❤️
this episode isn't new
Did he just say gay business school
I love your content but adverts, what feels like every five minutes, will turn me away. Perhaps you've been in America too long or are you studying our reaction to adding more adverts?
very interesting