Modern Wisdom #091 - Richard Shotton - Some Very Important Effects In Advertising
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Aug 5, 2019 
In this discussion, behavioral scientist Richard Shotton, founder of Astroten and author of 'The Choice Factory,' explores the fascinating overlaps between behavioral science and marketing. He reveals why restaurants avoid using £ signs to improve perception and examines how longer wait times can boost customer willingness to buy. Shotton also discusses the impact of payment methods on spending memory and dives into using imperfections in branding to foster consumer trust. His insights are both humorous and thought-provoking, packed with real-world examples.
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Astro10 Typo
- Richard Shotton's company, Astro10, is named after a typo in a psychology textbook.
- The textbook incorrectly cited a drug in the Milgram experiment, leading to the unintentional name.
Pratfall Effect
- The Pratfall Effect shows that admitting flaws makes brands and individuals more likeable.
- Aronson's experiment revealed that a quiz contestant spilling coffee made them more appealing.
Advertising Hurdles
- Advertisers face two main hurdles: getting noticed and being believable.
- The Pratfall Effect addresses both by making brands distinctive and demonstrating honesty.
