This podcast has 1,231,705 plays (learn why that’s important)
Nov 20, 2023
24:10
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The podcast discusses the importance of sharing the number of listens and how it hinders growth. The guest provides 5 tips to boost sales and improve satisfaction. Topics include the power of social proof, the impact of scarcity on customer behavior, and price positioning on e-commerce websites.
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Quick takeaways
Displaying the number of product views and sales can enhance purchase likelihood and perception of popularity and quality.
Keeping around 30% of sold-out items visible creates the impression of high demand and quality, significantly increasing sales.
Deep dives
Use social proof of product views and sales to boost purchase intent
The podcast episode discusses the power of social proof in driving purchase intent. The guest explains the importance of showing the number of product views and sales next to your goods. This approach enhances the perception of popularity and quality, leading to increased purchase likelihood. The guest also suggests that when products have few sales, showing the number of product views can have a similar effect. However, once sales increase, it is advisable to switch to showing the number of product sales instead.
Display a proportion of sold-out items for social proof
The podcast episode highlights the value of showcasing sold-out items for social proof. The guest recommends keeping about 30% of sold-out items visible to create the impression of high demand and quality. Research cited in the episode demonstrates that displaying this proportion can significantly increase sales. However, the guest cautions against showing too many sold-out items, as this may lead to negative reactance and drive customers away.
Optimize the positioning of prices and messaging
The podcast episode explores the impact of price positioning and messaging on customer perception. Research suggests that placing prices below products leads to a perception of lower prices, while placing them above creates a perception of higher prices. Additionally, the location of messaging should align with its emotional or rational nature. Emotional messages are more effective when placed at the bottom, while rational messages are better placed at the top. The guest also mentions a study showing the attractiveness and purchase intent boost when a product image includes a shiny reflection.
Nudge has 1,231,705 plays. I haven’t mentioned this before, and that’s a mistake. Not sharing how many have listened has hindered my growth. At least according to today’s guest. Thomas McKinlay is the founder of Ariyh, a newsletter that shares the latest marketing research. And in today’s Nudge he shares 5 tips that are proven to boost sales, improve satisfaction and (hopefully) encourage more of you to listen to this show.