Episode
#091 - Richard Shotton - Some Very Important Effects In Advertising
1:11:25
Published: Mon Aug 05 2019
Description
Richard Shotton is a behavioural scientist, the Founder of Astroten and an author. What is the reason that restaurants don't put £ signs in front of their prices? Why do marketing campaigns with huge flaws end up winning the market over? How does increasing wait times on comparison sites improve customer buy-in? And why do budget airlines reduce quality of experience to improve trust? We're talking all things behavioural science today. One of my favourite topic areas with a fascinating guest, this episode is absolute gold and packed with great concepts and hilarious real world examples. Do not sleep on this one. Extra Stuff: Follow Richard on Twitter - https://twitter.com/rshotton Buy Richard's Book - https://amzn.to/2YCQfdt Buy Richard's Online Course - https://www.42courses.com/courses/behavioural-science-for-brands Listen to Rory Sutherland on Modern Wisdom - https://podcasts.apple.com/gb/podcast/049-rory-sutherland-psychology-in-the-world-of-advertising/id1347973549?i=1000428600578 Check out everything I recommend from books to products and help support the podcast at no extra cost to you by shopping through this link - https://www.amazon.co.uk/shop/modernwisdom - Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me... Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/ModernWisdomPodcast Email: https://www.chriswillx.com/contact
Chapters
Richard Shotten, the founder of Astro 10, talks about intriguing insights into how our mind works and we delve into different aspects of behavioral science including why restaurants don't use pound signs in front of prices and why budget airlines reduce the quality of experience.
00:00 - 00:58 (00:58)
Summary
Richard Shotten, the founder of Astro 10, talks about intriguing insights into how our mind works and we delve into different aspects of behavioral science including why restaurants don't use pound signs in front of prices and why budget airlines reduce the quality of experience.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
Psychologist and author, Richard Wiseman, discusses the power of suggestion and misinformation, citing a study in which nurses were told to administer a drug in larger doses than were safe.
00:58 - 05:46 (04:48)
Summary
Psychologist and author, Richard Wiseman, discusses the power of suggestion and misinformation, citing a study in which nurses were told to administer a drug in larger doses than were safe. He explains how misinformation can affect our perceptions, even with something as simple as a singing competition.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
Tiffany St James, a digital strategist, discusses how advertisers have realized that memorable, funny, and awkward moments often create the most impact.
05:46 - 13:11 (07:24)
Summary
Tiffany St James, a digital strategist, discusses how advertisers have realized that memorable, funny, and awkward moments often create the most impact. Since the biggest hurdle for advertisers is often being noticed, memorable moments can help them overcome this challenge.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
The price of a product may not always be indicative of its quality, and suspicion may arise if the cost is significantly lower than competitors.
13:11 - 18:32 (05:21)
Summary
The price of a product may not always be indicative of its quality, and suspicion may arise if the cost is significantly lower than competitors. This idea applies to various products such as strawberries and travel comparison sites, as well as cake mixes that may require additional ingredients despite being advertised as simple to make.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
The success of big tech companies is often attributed solely to their technological brilliance, but it's important to recognize the clever psychological insights at the heart of their advertising campaigns.
18:32 - 27:52 (09:20)
Summary
The success of big tech companies is often attributed solely to their technological brilliance, but it's important to recognize the clever psychological insights at the heart of their advertising campaigns.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
The podcast discusses how brands use social proof and customer behavior to shape their marketing strategy, with examples such as Apple's white earbuds and the classic nightclub trick of building up a queue outside.
27:52 - 33:22 (05:29)
Summary
The podcast discusses how brands use social proof and customer behavior to shape their marketing strategy, with examples such as Apple's white earbuds and the classic nightclub trick of building up a queue outside.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
By changing the comparison set for your product, you can change people's willingness to pay by orders of magnitude, according to Daniel Kahneman.
33:22 - 38:22 (04:59)
Summary
By changing the comparison set for your product, you can change people's willingness to pay by orders of magnitude, according to Daniel Kahneman. For example, if Nespresso powder was sold in a big bag of coffee like Cafe Direct, the perceived cost would have been significantly different.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
People are more likely to agree with a statement about big lifestyle changes if their age ends in a nine.
38:22 - 44:45 (06:23)
Summary
People are more likely to agree with a statement about big lifestyle changes if their age ends in a nine. Adding effort to the design, advertising, labeling, and packaging can create value in people's minds, and there is a small but statistically significant uplift in suicides in America when people's age ends in nine.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
In this podcast, the host discusses the impact of music on consumer behavior, referencing a naturalistic experiment by Adrian North where different music was played in the wine aisle of a supermarket with only 2% of people attributing their purchase to the music.
44:46 - 51:12 (06:25)
Summary
In this podcast, the host discusses the impact of music on consumer behavior, referencing a naturalistic experiment by Adrian North where different music was played in the wine aisle of a supermarket with only 2% of people attributing their purchase to the music.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
The Dunning-Kruger effect is a cognitive bias in which people with low ability at a task overestimate their own ability while experts underestimate their own ability.
51:12 - 1:03:03 (11:51)
Summary
The Dunning-Kruger effect is a cognitive bias in which people with low ability at a task overestimate their own ability while experts underestimate their own ability. Some products are overpriced because of the packaging, as with Carlsberg beer.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
The use of subtle messaging can be more effective than direct messaging as it prompts a more automatic and concise response, as shown by a recent tweet showcasing a sign advertising Jurex condoms in a corner shop for $5.
1:03:03 - 1:07:35 (04:31)
Summary
The use of subtle messaging can be more effective than direct messaging as it prompts a more automatic and concise response, as shown by a recent tweet showcasing a sign advertising Jurex condoms in a corner shop for $5.
Episode#091 - Richard Shotton - Some Very Important Effects In Advertising
PodcastModern Wisdom
Rory Southern discusses the application of behavioral science in political and military strategies, using the example of Julius Caesar's use of high ransoms to enhance his reputation and further his political career.
1:07:35 - 1:11:14 (03:38)
Summary
Rory Southern discusses the application of behavioral science in political and military strategies, using the example of Julius Caesar's use of high ransoms to enhance his reputation and further his political career.