by The Copy Nazi Banned
9 replies

We can't have civilians using this part of our arsenal. So keep it to yourself. I'm trialling this tactic and I'll let you know how it goes.

The Economist magazine used to give the following pricing options to people who wanted to subscribe:
  • Website-only subscription: $59.00 per year.
  • Print-only subscription: $125.00 per year.
  • Print & web: $125.00 per year.
Dan Ariely, a behavioral economist himself is confused: why would the Economist offer the same price for print-only subscription as well as for print & web subscription? It didn't make sense to him.
So Dan started investigating and found out why Economist gave the 2nd print-only option that they knew no one would go for.
He gathered 2 groups of 100 students each and asked them to subscribe to the Economist. To the first group, he made the same offer that the Economist makes. And the results of what people chose are:
  • Website-only subscription: 16
  • Print-only subscription: 0
  • Print & web: 84
For the 2nd group, Dan removes the 2nd print-only pricing option. The results this time are:
  • Website-only subscription: 68
  • Print & web: 32
Economist gives the 2nd pricing option that they know no one will buy because it increases the number of sales their higher priced 3rd option gets!
Action Summary:

  • People don't make decisions in a vacuum. They make them by comparing various factors with each other.
  • People pick an anchor and base their final conclusion near and in comparison to that anchor. So make sure that the answer you want is close to the anchor point.
  • To persuade people, change their frame of mind by giving them a different anchor point. And they'll decide in your favour.
From this excellent site - Anchoring & Decision Making (Advanced Persuasion Tactics) - Non Toxin
#secret #weapon

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