Modern Wisdom

#592 - Richard Shotton - 8 Fascinating Psychological Biases

206 snips
Feb 20, 2023
Richard Shotton, a behavioral scientist and author, explores how our irrational brains influence consumer behavior. He shares marketing secrets to combat choice paralysis and highlights IKEA's unique strategies for success. Listeners learn about the importance of psychological biases, like the IKEA effect, and how storytelling can enhance engagement. Richard also discusses how the perception of effort and convenience shapes our choices, using compelling examples from advertising. This conversation uncovers fascinating insights into the art of persuasion.
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INSIGHT

Behavioral Science Relevance

  • Behavioral science, or social psychology, studies how people behave, not just what they claim.
  • It's relevant for anyone influencing others, offering robust, experimentally-proven findings.
ANECDOTE

Margarine Color Study

  • Margarine manufacturers learned that color, not taste, drove consumer preference in a study by Louis Cheskin.
  • Dyed butter was rejected as margarine, while dyed margarine was enjoyed as butter.
INSIGHT

Habit Formation and Fresh Starts

  • Habits simplify decisions, relying on heuristics or repeating past behaviors.
  • Target behavior change during "fresh start" moments, like New Year's or birthdays, for increased effectiveness.
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