The unknown footballer who's book outsold Beckham | Nudge Newsletter π§
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Nudge Newsletter
I spend 18 hours each week turning marketing psychology into readable newsletters.
The Anchoring Effect Read online In the 1970s, Tversky and KahnemanΒΉ ran a simple experiment. They asked people: "What percentage of African countries are in the UN?" But before answering, participants had to spin a wheel with numbers from 0 to 100. The wheel was rigged to land on either 10 or 65. Then came the important question: "Is the actual percentage higher or lower than that number?" After that, participants gave their best estimate. Hereβs what happened: People who saw 10 guessed 25%...
The Illusion of Choice Read online Give people $1 and two identical packs of gum. Same flavour. Same price. What happens? Most people aren't interested. Thatβs what Kim, Novemsky, and DharΒΉ found in a South Korean experiment. They gave participants β©1,000 and two gum options, both priced at β©630. Only 46% bought anything. But then they did something clever. They made the prices slightly different: β©620 vs. β©640. Now 77% decided to buy. Same gum. Slight price difference. Big impact. Why? When...
Input Bias Read online Does the ππππ¨π«π put into a shop display π’π€π΅πΆπ’πππΊ influence sales? That's what MoralesΒΉ set out to answer in 2005. Participants were shown round the same store, except half saw the shelves π§ππππ₯π² π¬ππππ€ππ π°π’ππ‘ π‘π’π π‘-ππππ¨π«π ππ’π¬π©π₯ππ²π¬. The other participants saw the same products, but with a π₯π¨π°-ππππ¨π«π ππ’π¬π©π₯ππ². The results are striking. Those who saw the high-effort display were willing to pay 24.4% ππππ. After seeing a store display like Boots, customers were willing to pay...