Influence Psychology and Persuasion - Mike Sweet - 10 Minute Coach - Develop and Discover
About This Show
Influence Psychology and Persuasion is a Podcast by Mike Sweet. In these episodes, Mike will go through the individual parts of this ever evolving and amazing studies of proven psychological principles a give a practical understanding of what it is and how you can use it.
Mike Sweet is the 10 Minute Coach.
Most Recent Episode
022 - 3 Behavioural Economics Principles You Need To Know
Feb 3 17
This is session number 022 of the Influence Psychology and Persuasion Podcast. And this show is all about Behavioural Economics Principles. Well not all about but certainly 3 tips to help you understand what this amazing study has to offer. So, Behavioural economics are sets of psychological studies all around economic decision making. So, if you buy or sell things, this podcast is for you. And if you are involved in marketing, sales and run your own business, this is most definitely for you. As you're listening to this you will already have a clear understanding that we, humans, are anything but clear or easy to understand. We're odd, we make irrational choices, decisions and statements. I remember a few years back and my wife came home one Saturday in January. She walked through the door, beaming with pride, came into the living room where I was reading a book, hands at breaking point with carrier bags with a red sale logos splattered all over and held them to my face. She then blurted out "You wouldn't believe how much money I've saved". Interesting, I though. She wouldn't have bought anything if it wasn't January sales and the fact she had 25+% off. She felt like she'd saved money. Lol. My wife isn't the only reason for these studies. We all make irrational choices at times. Here are 3 studies to arm you going forward. Tip Number 1 - FREE! Now most of us get this. FREE is like a drug which pulls us in for closer inspection. FREE has a magnetic pull that us mortals can't resist. But is this logical? Forget for a moment that now days we may have been abused by the power of FREE. Most of use will think, but what do you what in return if not money? The science shows we have an unreasonable connection to FREE! An interesting study was carried out. Researchers offered participants a choice of 2 chocolates. The choice was either a 1 cent Hershey's Kisses or a 15 cent Lindor chocolate truffle. Most of the participants opted to pay for a 15 cent Lindor Truffle because they could see the amazing value, when compared to the Hershey's Kiss. Here is the interesting part though, when the researchers dropped the price by 1 cent, the vast majority then opted for Hershey Kiss. All because it made it FREE! The word FREE makes us unreasonable. Watch out, or use it to your advantage. Tip Number 2 - Perceived Value You all know what we like right? We're not persuaded by price,