Secret Weapon

by Banned 9 replies
13


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
#copywriting #secret #weapon
  • Excellent piece of detective work there. I am actually writing for a client that is using this strategy of creating a 3rd option to make this 2nd option more appealing.

    I'm can't wait to see the results

    Stan
  • Great technique, thanks for the reminder. A sort of Jedi mind trick to influence people to pick the number you REALLY want them to pick, lol.

    C
  • In face-to-face sales the salesman tries to control the conversation
    and match it to the prospect's criteria.

    In copy and most marketing this interaction is missing, so it's
    good to look for ways to control the decision-making environment
    in subtle ways. When you successfully remove the ability of
    the prospect to compare your product with any of your competitor's
    you've just about won the game. One way to do it is to set
    it up so you are competing against yourself at 2 or 3 price points.

    Art galleries are sometimes highly skilled at setting up a hypnotic
    buying environment. Other stores too. I was at Yankee Candle's
    flagship store a couple of weeks ago and it's the ultimate controlled
    buying environment for kitsch and collectible stuff and toys. The
    company sold about 8 years ago for 500 million bucks - the retail
    model that evolved from a basement candle factory is just amazing
    because practically nobody who enters that mammoth store will
    walk out without dropping some cash. It's like Disneyland without
    all the overhead from the rides and stuff - just the gift shops.
  • Or, you can read Dan Ariely's excellent book, Predictably Irrational. Contains a wealth of "No sh*t??!!" lightbulb moments in social psychology.
    • [ 1 ] Thanks
  • The most excellent topic I've seen of WF so far. Thank-you, OP.
    • [ 1 ] Thanks
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  • WOW! The guy plagiarized Ariley's first chapter (in his book) and never gave credit where the study came from. That is sad passing off someone's else work as your own. The blogger needs to receive a bunch of nastygrams.




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