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#592 - Richard Shotton - 8 Fascinating Psychological Biases

whatshot 206 snips

Feb 20, 2023

Guest

Richard Shotton

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.

01:37:32

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insights

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.

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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.

insights

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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The Power of Perception in Marketing

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Understanding Consumer Behavior Through Variable Choice Rewards

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Harnessing Psychological Principles in Advertising

52:43 • 4min

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Psychological Insights in Marketing Strategies

56:39 • 3min

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Harnessing Psychological Biases in Marketing

59:31 • 20min

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The Power of Visualization and Storytelling in Consumer Behavior

01:19:30 • 3min

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The Art of Engaging Storytelling

01:22:59 • 17min

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Reflections on Insights and Future Discussions

01:40:06 • 2min

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The Illusion of Choice

Richard Shotton

Don't Trust Your Gut

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Published in 2006, *Blindsight* follows a crew of astronauts on the ship Theseus as they investigate a trans-Neptunian comet transmitting an unidentified radio signal. The novel delves into themes of consciousness, free will, artificial intelligence, neurology, and game theory. Narrated by Siri Keeton, a synthesist with a unique neurological condition, the story raises questions about the essential character of consciousness and its necessity for human experience. The novel also features vampires resurrected through genetic engineering and aliens that challenge traditional notions of consciousness and communication.

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Transport For Humans

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Rory Sutherland

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

Morgan Housel

In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge.

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A History of the World in 10 1/2 Chapters is a grandly ambitious and inventive work of fiction by Julian Barnes. The book consists of 13 short stories that span across various periods of human history, from the voyage of Noah's Ark to a sneak preview of heaven. It includes tales of a cruise ship hijacked by terrorists, woodworms tried for blasphemy in medieval France, and an astronaut searching for the remains of Noah's Ark. The stories explore the relationship between fact and fabulation, history and love, and are linked by recurring themes and characters, such as the woodworms who serve as a metaphor for decay and the erosion of historical understanding.

Dataclysm

Who We Are (When We Think No One's Looking)

Christian Rudder

In 'Dataclysm,' Christian Rudder delves into the world of big data to examine how people behave when they think no one is watching. Using data from OkCupid and other social media platforms, Rudder explores various aspects of human behavior, including interactions based on race, gender, and other demographic factors. The book moves away from narrative storytelling and instead uses statistical analysis and data visualization to understand human behavior on a large scale.

Richard Shotton is a behavioural scientist, Founder of Astroten and an author.

This might not be news to you, but the human brain isn't designed to be rational. There are cheat codes to get the brain to believe strange things, do strange things and change in ways you might not anticipate. Richard has one of the best insights into this world of mental models, psychology, consumer behaviour, principles for advertising and social change.

Expect to learn the marketing secret about behaviour change that everyone forgets about, how to make habit formation absolutely seamless, why IKEA is so successful even though they don't make your furniture, a hack that any advertising campaign can use to make it stick in people's minds, how to fix the problem of choice paralysis and much more...

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Extra Stuff:

Buy The Illusion Of Choice - https://amzn.to/3XDakP7

Follow Richard on Twitter - https://twitter.com/rshotton

Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/

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