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- Jul 02 2008
- 52 Comments
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Q: Is your market "predictably irrational"?
Find out here.
If you were on my call with Mike Filsaime a while back, you'll recognize this link:
It's an MP3 of an interview I did recently with MIT professor and author, Dan Ariely.
- Predictably Irrational
written by Dan Ariely.
Dan's book, Predictably Irrational, is a fascinating look at the behavior of prospects, namely their tendency to behave in an illogical manner when you least expect it.
But in Dan's research, he's found "rational" prospects will actually exhibit irrational behavior time and time again--to the point of becoming extremely predictable in their choices.
In other words, no matter what the logical brain says, we make snap decisions based on other things, like emotions and societal norms. And we do it over and over again.
So what does that mean to you?
Simple: if you can reasonably predict what choice your prospects are going to make, you can convert them into customers much more easily --and substantially increase your profits.
How does that sound?
This is the ONE resource I recommend to every market and business owner--including all of my guru pals.
In fact, Mike took a tip directly from this book and boosted conversion rates by nearly 50% on one of his promotions (more on that later).
And the best part is, Dan's findings are based on rock-solid research. He doesn't just spout a bunch of useless theory--he backs it up with numerous eye-opening experiments.
Inside the book, Dan shows us some amazing findings on what really drives prospects to become customers.
For example, you'll discover...
“How to tier your product choices in such a way to almost guarantee your customers will choose the highest priced tier.”
“How to virtually set the price of your product by "anchoring" it in your customer's minds --Why offering something for free can actually be a deterrent more than advantage.”
And that's just a few tidbits you'll find in Predictably Irrational.
It's almost like your prospect is handing you detailed instructions inside their decision-making process and saying, "Here's how to make me buy."
It's simply a must-read for every marketer and business owner. And you can get your copy right here.
http://www.predictablyirrational.com/
That link takes you to the Predictably Irrational website. But before you reserve your copy, do me a favor and follow these 3 simple steps (I'll make it worth your while--trust me)...
1 Step 1
Go to Dan's Home Page and look at the right hand column for a section titled "REQUEST TO PARTICIPATE". This is where you can take part in Dan's latest experiments on behavioral economics and get a sneak peek inside your prospect's mindset before anyone else does.
2 Step 2
Fill in your email address and click on both boxes below it to grab your place in marketing history.
3 Step 3
After you receive your confirmation email from Dan, forward it to irrational@strategicprofits.com and you'll receive instant access to:
My own personal notes from Predictably Irrational (a HUGE value, since it shows how you can take this breakthrough research and profit from it immediately)
A detailed transcript of our interview
Sound like a fair trade?
Actually, you're getting the better end of the deal here. And that's okay--because what you'll take away from Predictably Irrational--and your participation in the research--will be IMMEASURABLE to your bottom line.
So go here now and get signed up!
http://www.predictablyirrational.com/
To Higher Profits,
RichP.S. BTW...that's not an affiliate link to Dan's book. It goes straight to his site. I don't make one cent on this deal.
Why? Because I want to keep you on the cutting edge of marketing and business building technology and pass along the tools that I believe will help you achieve success in a more expedient manner.
You can be a part of this historical research too. So make sure you sign up in the right-hand column where it says "REQUEST TO PARTICIPATE". Then send your confirmation email to the address listed above to get your extra bonuses.
And you find Predictably Irrational as utterly mind-blowing as I did, post your comments below along with a Digg or StumbleUpon click. .
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52 Comments to “Listen To Rich Schefren’s Interview With Predictably Irrational Author Dan Ariely”
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Thanks Rich, checking out Predictably Irrational right now
Fantastic Rich, great to see you reaching out to highly a respected researcher in consumer behaviour.
The IM industry needs more of this class.
Finished reading it last week, brilliant piece of research - will shortly trial the persuasive price-tiering.
I also think the “vinegar beer” theory has a big use in online direct marketing.
After reading, you begin to see that the very best marketers have been using some of these theories to achieve their success (and possibly without even knowing it).
P.S. Notes like the ones you’re giving out here are highly underrated… that’s a brilliant freebie right there.
Maybe I shall find out why it is that I buy so many ebooks and allow them to collect digital dust. And why I haven’t given up…
Anyone with a MIT link gets my vote.
Warmly,
Malcolm
Great to see Consumer Behavior being covered here, it’s at the root of Internet Marketing.
The insights sure are top-notch quality that affects the bottom-line!
Thanks Rich,
Vincent
http://www.videoskintemplates.net
Good stuff…
Thanks for the MP3 recording Rich!
~Brett
http://www.FreeTrafficBigProfits.com
Yes, but what about those of us who already have purchased this book and are therefore left out of the opportunity to view your notes?
Predictably Irrational is very interesting and I’d certainly include it on an MBA reading list, at least in third place. One that I would rank above it, however, in terms of practical insights is “Tuned In” by Stull, Myers and Scott. (I have no connection with any of these people or their book, incidentally.) Find out why your customer should NOT be your primary focus, unlike the common wisdom says (and when you learn why, it’s one of those “DOH!” moments and you’ll wonder why you ever thought that your business should be customer-driven). Sometimes it ain’t what we know that’s the problem, it’s what we know that ain’t so!
Are you kidding about “Tuned In” proclaiming that “your customer should NOT be your primary focus, unlike the common wisdom says”?
Here is an except from the book:
“The most successful organizations are tuned in to their markets. Leaders at these companies largely ignore the competition. Instead, they focus their energies on the problems that buyers are willing to spend money to solve. The concept applies to any business, product, or service.”
my additional gifts are for signing up for dan’s newsletter and research not for buying his book (although it is a must read)
Rich
Once again you have proven to provide more value to your readers then anybody. This is why I love to read what you recommend.
Thanks
Charles Kirkland
Hello Rich,
I was just listening to the Audio first, before deciding on the book… Funnily enough.. I watched a great video a couple of months ago on the exact same thing.. was almost word for word too!
Wasn’t the same guy either.. just quietly!
So won’t be getting the book!
Thanks though & it was great information..
One other thing.. when he said he was going to Chicago to meet the guy that does all the illegal stuff with stealing information….
so he could learn from him..
Did not particularly want to get on his list.. Just Me? or maybe I heard wrong…
Cheers, Dianne in NZ
Funny thing.. I’ll have to go get that book. I like to think I’m a fairly rational person, evaluating most of my purchases, and yet, sometimes (and if I’m brutally honest, its probably a lot more than sometimes) I surprise myself and by on a whim… Maybe Dan can help me figure out why I’m that way. If not, at least he can help me take advantage of the fact that others are too! =)
I never got the confirmation email. What’s up? Can’t send it to you if I don’t have it. Can you help?
Very interesting stuff- and to think he gets paid to romp in this playground of inquiry! What fun!
Off the Predictably Irrational site I noticed Dan said that Social and Market forces are not additive- that you lose one to get the other unless the ‘understood deal’ is that you trade social relationship for non-financial remuneration… gifts (or bonuses?) being acceptable.
And yet it seems to me that the underlying basis of Web 2.0 is, in fact, the marrying of the two spheres. Any thoughts?
I also find it fascinating that a current market value -speed- predicated on lack of time, is the leverage point behind time limited offers on products and services we rush to buy but don’t actually have time to consume sufficiently. Maybe we feel we are buying into perceived shortcuts?
I was sceptic after your Vegas comment - but this was very really interesting.
Will buy te book now. Thanks Rich for pointing this out to me. -Eric
I dont get a confirmation email from Dan.
I tried 2 email addresses and even though i opt in, no confirmation emails.
whats the problem?
same here
just send an email to the address above - let us know that you signed up and i’ll take you at your word….fair enough?
I signed up twice, one with gmail and the other with yahoo mail. In both cases, there were no confirmation email from the site. I think the signup form is not working at all. Please save all the hassle by just making you offer a live link!
By the way, where is your email address? I can’t find it ‘above’.
I’m wondering if anyone’s tried offering a choice of prices for the exact same product? Might framing work that way too? Presumably people would opt for the middle price so you’d make that the price you want to sell for and it would give them a reason to act/buy. Would they enjoy a new way of purchasing? Adding more of a purchasing “experience”.
Or would they feel threatened or part of an experiment? Maybe you could tell buyers they’re part of a marketing experiment to find the right price for your new product? I might try it unless someone has prior experience to share.
Anyway, I’m off to get the book - fascinating. Thanks
Hi:
I didn’t receive the confirmation email. In the web page appears a message below the form saying that you are correctly registered but the mail didn’t arrive. I checked the spam in Gmail and it wasn’t there. I sent a screenshot to the mail address that Rich gave to receive the notes and the transcript. Thanks for the advice and for the bonus Rich. Your work is great and I appreciate very much all your insights.
Antonio
i’ll look into the confirmation email - but if you don’t get one - just send me the first email you receive and i’ll speak to dan and figure out if there is anything else we need to do.
by the way - i did another call with dr. robert cialdini that we’ll be giving away next week along with some other incredible experts that’ll blow your mind… stay tuned.
Looking forward to getting the book.
http://www.theinteractivemarketer.com
I’m interested in knowing what his research has to say about..why offering something for free can actually be a deterrent rather than an advantage. I’ve often assumed this as well primarily because when I pay for something that something holds a lot more value than if I were to receive it for free. I’ll have to check out the book. Thanks!
I don’t get it either.
just send an email to the address above - let us know that you signed up and i’ll take you at your word
Rich, what a great interview…some great, intelligent, interesting, academic stuff.
I think what he was getting at with not giving away free content was that you couldn’t then turn around at a later date & try & sell it. It was more around at what point do you start at BUT it would be fine to give away freebies & then have a much bigger / more valuable product that you sell.
Definitely going to buy the book.
Thanks again Rich…out of all the top IM guys I really like your stuff the most!
Cheers
Conrad
Hey Rich ,
Thanks for turning ‘mainstream-open-secrets’ to the light.
After reading “search-inside” @Amazon.com…
I see the author knows ‘his-stuff’.
Yeah , I ordered the book.
Sales-psychology in important….
Especially , in light of recent Penn-State University study :
80% of folks online use
http://www. to lOOk for infomation ;
10% use it
to go to sites they heard about ;
leaving , a mere , 10%
that search To BUY…
I expect :
The book_”Predicatably Irrational”_
helps present value-info in such-a- way…
that peaks ‘BUY-interest’ in the 80%…
AND… helps sell more Value to 10% ‘ers…
Again , good info.
Thanks
L.Davis
That was a great interview Rich and Dan.
Terrance Charles
http://www.terrancecharles.com/
I read through the notes, got the mind working a little
It seems logical, based on the book’s theory on ownership, that (ownership) is the reason no reserve auctions work better than auctions with a reserve.
With a reserve auction, the buyer never feels like they have the item at the low price, because they didn’t pass the reserve. If they have the highest bid for a day or two, and then someone outbids them, they will likely feel psychological pain because they had virtual ownership, and be caused to bid more.
Also, wouldn’t it then make sense, that if, for all auctions that there was a reserve price, on the last 6 hours of auction (or some small time period)… if there is automatically a bid for right below the reserve price, wouldn’t the sell through rate be much higher? I would think so, as the person that thought they were winning all along (assuming they were not informed of the reserve price initially), would have “virtual ownership” of the product they were bidding on.
The same thing could be said if the user was not told they didn’t meet reserve, and then towards the end, were told that they in fact, did not meet reserve, but they could bid the reserve price now, if they still were interested in the product.
I tend to not make complete sense when spewing out stuff like that, so just tell me if you don’t understand!
Thanks Rich!
Dave Mez
I find anything connected with how the mind works in relation to marketing fascinating so thanks for bringing this to us Rich.
It occurred to me while listening to the interview that the anchoring process that Dan described has been executed by Apple in a masterful way in regards to the iPhone:
By now, when they announced they were “lowering” the price (it actually stays nearly the same due to the $10+ higher monthly base subscription costs for the AT&T 3G wireless services) to $199/299, it clearly is having that “this is a complete steal” effect, since everybody had already been solidly anchored to the $399-599 price range.
if you haven’t read the book - wait till you read about the decoy in a detailed manner - it could multiply your average sale.
BTW - i am talking to dan ariely again next friday - so if you have any questions just put them in the comments below
That was a delicious romp through a lot of direct marketing fundamentals.
Funny enough, the author seemed to be relatively unfamiliar with the “old masters” works on:
Reason why
Urgency bonuses/ deadlines
Anchoring (from NLP)
He just scientifically “bumped” into them all over again and powerfully re-affirmed much of what the direct marketing sages told us.
This also has powerful implications for negotiation strategies and tactics for some of us who deal in real estate and other offline businesses.
Gogo
That was a delicious romp through many well established direct response principles.
Funny enough, the author seemed to be relatively unfamiliar with the direct marketing greats having “uncovered” many of such principles as:
“Reason why”
Urgency Bonus
Deadlines
Anchoring (from NLP)
It looks like he just “bumped” into them in the course of his own scientific experiments; re-affirming the lessons passed on by the great sages.
Great interview and I look forward to reading the book.
Gogo
Interesting interview. I signed up for his newsletter (twice!) and have still not received any kind of confirmation. Can I still get a hold of your notes? I’d love to read your thoughts as it relates to internet marketing. Thanks!