The negative psychological impact we feel from losing something is about twice as strong as the positive impact of gaining the same thing.
Finding ₹100$ would makes us happy
Losing ₹100$ would makes us 2X unhappy
I took Ogilvy's course on Behavioural Economics and Comsumer psychology.
Here are the 10 important theory's I learned from it which you'd be a fool to miss out on:
The negative psychological impact we feel from losing something is about twice as strong as the positive impact of gaining the same thing.
Finding ₹100$ would makes us happy
Losing ₹100$ would makes us 2X unhappy
The way you frame your sentences is very important. Make them forget about the negative thing by reiterating something which might be positive. We have a stronger bias for things that sound positive.
10% chance of death Vs 90% chance of survival
Humans are hardwired for instant gratification.
as people get closer to the reward, they speed their behavior. So, reward people sooner instead of later
eg: Don't make a goal of reading 52 books a year, make it 1 chapter per day.
It's the phenomenon where our decisions are heavily based on the 1st piece of information we receive, regardless of whether the information is relevant or not.
Make the first piece of information powerful.
People tend to stay with the default settings.
Case 1: When people had to opt out of being organ donors- very few people opted out
case 2: When people had to opt in - very few people opted in.
Simply changing the default setting made a drastic difference.
Companies make limited edition products to drive sales even though they can make the SAME product in abundance
One way of encouraging customers to buy their products, is FOMO. If they didn't buy now they might not get a chance later
Example: Limited Edition Sneakers
Just thinking about money can make you experience a kind of physical pain that stops you from spending
eg: Removing the currency dollar in the menu increased the average spending by 12%
eg: Starbucks launching a membership card
When you sell something where the person has to assemble the item at the end, we put higher value to the things we help create
Eg: Subway Sandwhich Vs McDonalds
More from Marketing
big louis winthorpe III energy
i almost feel bad for the guy, because someone this absolutely clueless about how he sounds really shouldn't be allowed to post under his own name.
he seems like someone who *genuinely* means well most of the time, but it extremely easy to excite and wind up, and who is just profoundly dense about the wisdom of getting wound up the way he does in public.
on the other hand, the tara reade business was indefensible, exploitative, and gross. if there is ever a writer who desperately needs an editor to save him from himself, it's nathan robinson.
i had a few friends in high school who were well-meaning, wealthier than they realized, and in drama class, and most of them grew out of their nathan robinson stage because, well, it was oklahoma. there's almost something a little charming about the fact that he didn't.
they're the cheapest classic car on the market https://t.co/imorvNSZcI
— Zoomcock Archivist \U0001f30b (@canderaid) December 17, 2020
i almost feel bad for the guy, because someone this absolutely clueless about how he sounds really shouldn't be allowed to post under his own name.
he seems like someone who *genuinely* means well most of the time, but it extremely easy to excite and wind up, and who is just profoundly dense about the wisdom of getting wound up the way he does in public.
on the other hand, the tara reade business was indefensible, exploitative, and gross. if there is ever a writer who desperately needs an editor to save him from himself, it's nathan robinson.
i had a few friends in high school who were well-meaning, wealthier than they realized, and in drama class, and most of them grew out of their nathan robinson stage because, well, it was oklahoma. there's almost something a little charming about the fact that he didn't.
The emergence of many new hypocrisies typically heralds an emerging new cultural synthesis.
Are you disturbed that you agree with one of those viewpoints? Or perhaps that other people you respect do?
1/x
Let me offer a framework for thinking about things like this, something called an “Omega Event.”
It was first described to me by Erik Martin, one of Reddit's first community managers:
In governance, Omega Events exist due to the fact that no system of beliefs, no worldview, no set of rules, can account for everything that will ever happen.
Eventually someone (or some group) will do something that lies outside the scope of all existing rules, and you will have to make decisions again from first principles.
Sometimes the Omega Event emerges from the confluence of many unrelated factors. When it does, it is wholly different from anything you’ve encountered.
Are you disturbed that you agree with one of those viewpoints? Or perhaps that other people you respect do?
1/x
\u2014 HYPOCRISY \u2014
— emily (@emnode) January 9, 2021
\U0001f4cdFree market conservatives outraged that a private social media company can decide who has access to its service.
\U0001f4cdSo called liberals overjoyed at the prospect of powerful corporations taking control of the content and information we're allowed to see.
Let me offer a framework for thinking about things like this, something called an “Omega Event.”
It was first described to me by Erik Martin, one of Reddit's first community managers:
In governance, Omega Events exist due to the fact that no system of beliefs, no worldview, no set of rules, can account for everything that will ever happen.
Eventually someone (or some group) will do something that lies outside the scope of all existing rules, and you will have to make decisions again from first principles.
Sometimes the Omega Event emerges from the confluence of many unrelated factors. When it does, it is wholly different from anything you’ve encountered.
