In this podcast, the host shares the 6 best bits of advice received in 2023. Topics include using social proof in marketing, engaging advertising techniques, the impact of a fine for late pickups, the importance of character in storytelling, and a study on physical challenges and relationship satisfaction.
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Quick takeaways
Displaying the number of product sales or views can increase purchase intentions by up to 58%.
Using the generation effect in ad campaigns, such as prompting viewers to complete missing words, enhances memorability and engagement.
Deep dives
Use Social Proof to Boost Sales
One valuable marketing tip discussed in the podcast is the power of social proof. Experts recommend displaying the number of product sales or views to create a sense of popularity and quality. Studies have shown that showing these numbers can increase purchase intentions by up to 58%. When starting off with low sales, it is effective to show the number of views, and as sales increase, it is recommended to switch to displaying the actual sales numbers. Researchers found that when additional text mentioning the number of views or purchases was included on a product page, people were 56% more likely to buy the product.
Engage Viewers with the Generation Effect
The generation effect, a concept studied by psychologists, suggests that people remember information more when they have to generate the answer themselves. For marketers, this means making ads more engaging by including input from viewers. Studies have demonstrated that when words are presented with missing letters and participants are asked to recall them, they remember about 15% more compared to when they see the complete words. Applying this effect in ad campaigns can enhance memorability and engagement. Brands like Cancer Research UK have successfully leveraged this approach, creating ads that prompt viewers to complete missing words, leading to better recall and brand awareness.
The Paradox of Choice: Simplify to Increase Sales
The famous jam study conducted by Sheena Iyengar revealed the negative consequences of offering too many choices. While more variety may attract more people, it can actually lead to fewer sales. In the study, when faced with 24 different jam flavors, only 3% of people made a purchase, compared to 12% when presented with only 6 flavors. This illustrates the choice paradox, where an abundance of options can overwhelm consumers and hinder decision-making. To boost sales, it is recommended to reduce the number of choices and streamline product ranges. Removing unnecessary options can help customers make faster and more confident purchasing decisions.