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
I studied hundreds of top copywriting examples with @heyblake.
Use these 30 copywriting tips to convert readers into customers 🧵
Tip from Alex: Repeat Yourself
Reason: Your main benefit shouldn’t be expressed subtly. Repeat it three times. Make it known.
Example: Apple’s M1 Chip
Tip from Blake: Start with goals for the copy.
Reason: You need to know what you are writing, for whom, and what action it should lead to. No guesswork.
Example: My content engine at https://t.co/jYMMlbgFCw
Tip from Alex: Use Open Loops
Reason: Open loops peak a reader's interest by presenting an unsolved mystery to the reader. Our brains are hardwired to find closure. Make your product the final closure. Example: Woody Justice
Tip from Blake: Write short, snappy sentences.
Reason: People have short attention spans. And big blocks of text are super hard to read. Make it
Example: Every blog from @Backlinko
Use these 30 copywriting tips to convert readers into customers 🧵
Tip from Alex: Repeat Yourself
Reason: Your main benefit shouldn’t be expressed subtly. Repeat it three times. Make it known.
Example: Apple’s M1 Chip
Tip from Blake: Start with goals for the copy.
Reason: You need to know what you are writing, for whom, and what action it should lead to. No guesswork.
Example: My content engine at https://t.co/jYMMlbgFCw
Tip from Alex: Use Open Loops
Reason: Open loops peak a reader's interest by presenting an unsolved mystery to the reader. Our brains are hardwired to find closure. Make your product the final closure. Example: Woody Justice
Tip from Blake: Write short, snappy sentences.
Reason: People have short attention spans. And big blocks of text are super hard to read. Make it
Example: Every blog from @Backlinko
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I’m torn on how to approach the idea of luck. I’m the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
"I really want to break into Product Management"
make products.
"If only someone would tell me how I can get a startup to notice me."
Make Products.
"I guess it's impossible and I'll never break into the industry."
MAKE PRODUCTS.
Courtesy of @edbrisson's wonderful thread on breaking into comics – https://t.co/TgNblNSCBj – here is why the same applies to Product Management, too.
There is no better way of learning the craft of product, or proving your potential to employers, than just doing it.
You do not need anybody's permission. We don't have diplomas, nor doctorates. We can barely agree on a single standard of what a Product Manager is supposed to do.
But – there is at least one blindingly obvious industry consensus – a Product Manager makes Products.
And they don't need to be kept at the exact right temperature, given endless resource, or carefully protected in order to do this.
They find their own way.
make products.
"If only someone would tell me how I can get a startup to notice me."
Make Products.
"I guess it's impossible and I'll never break into the industry."
MAKE PRODUCTS.
Courtesy of @edbrisson's wonderful thread on breaking into comics – https://t.co/TgNblNSCBj – here is why the same applies to Product Management, too.
"I really want to break into comics"
— Ed Brisson (@edbrisson) December 4, 2018
make comics.
"If only someone would tell me how I can get an editor to notice me."
Make Comics.
"I guess it's impossible and I'll never break into the industry."
MAKE COMICS.
There is no better way of learning the craft of product, or proving your potential to employers, than just doing it.
You do not need anybody's permission. We don't have diplomas, nor doctorates. We can barely agree on a single standard of what a Product Manager is supposed to do.
But – there is at least one blindingly obvious industry consensus – a Product Manager makes Products.
And they don't need to be kept at the exact right temperature, given endless resource, or carefully protected in order to do this.
They find their own way.
The entire discussion around Facebook’s disclosures of what happened in 2016 is very frustrating. No exec stopped any investigations, but there were a lot of heated discussions about what to publish and when.
In the spring and summer of 2016, as reported by the Times, activity we traced to GRU was reported to the FBI. This was the standard model of interaction companies used for nation-state attacks against likely US targeted.
In the Spring of 2017, after a deep dive into the Fake News phenomena, the security team wanted to publish an update that covered what we had learned. At this point, we didn’t have any advertising content or the big IRA cluster, but we did know about the GRU model.
This report when through dozens of edits as different equities were represented. I did not have any meetings with Sheryl on the paper, but I can’t speak to whether she was in the loop with my higher-ups.
In the end, the difficult question of attribution was settled by us pointing to the DNI report instead of saying Russia or GRU directly. In my pre-briefs with members of Congress, I made it clear that we believed this action was GRU.
The story doesn\u2019t say you were told not to... it says you did so without approval and they tried to obfuscate what you found. Is that true?
— Sarah Frier (@sarahfrier) November 15, 2018
In the spring and summer of 2016, as reported by the Times, activity we traced to GRU was reported to the FBI. This was the standard model of interaction companies used for nation-state attacks against likely US targeted.
In the Spring of 2017, after a deep dive into the Fake News phenomena, the security team wanted to publish an update that covered what we had learned. At this point, we didn’t have any advertising content or the big IRA cluster, but we did know about the GRU model.
This report when through dozens of edits as different equities were represented. I did not have any meetings with Sheryl on the paper, but I can’t speak to whether she was in the loop with my higher-ups.
In the end, the difficult question of attribution was settled by us pointing to the DNI report instead of saying Russia or GRU directly. In my pre-briefs with members of Congress, I made it clear that we believed this action was GRU.