Basically, it’s not worth it to start thinking of omnichannel, billboards, etc until you hit a 20M$ threshold in annual revenue. -The OPERATORS, E005: Attribution Modeling, Branding, Panzerism, Company Acquisition, Ridge Regrets & More. Continue reading Under 15-20M$, you should only focus on Facebook Ads, Google Ads.
Basically, my understanding of what the operators said is that if you have a reasonable offer on the table, even if it’s not what you had in mind, you should take it. Because you never know what’s gonna happen in the future. And in reality, your life will change and will not be very different whether that amount is 20, 30 or 60 millions. -The OPERATORS, E005: Attribution Modeling, Branding, Panzerism, Company Acquisition, Ridge Regrets & More. Continue reading Take the money
Buying a harness is part of a ritual. In most cases, people don’t actually need a harness. But they are brain-washed by the industry to believe that they do. Because a harness rarely caters to a precise need, it comes down to shopping the different options. We could compare it with buying a watch. Similar to buying a watch… Most people don’t need a watch, they could simply check the time on their phone. But the watch is a vehicle is to make a statement. Below are some of the reasons why people are using a watch. – For its … Continue reading What is making Säker successful?
My understanding of this one is if something isn’t clearly assigned to someone, everyone will believe the other person will do it. In the end, you’ll end up with no one doing it. -Andrew Wilkinson Continue reading “A dog with two owners dies of hunger.”
That’s because people don’t think in terms of information. They think in terms of narratives. But while people focus on the story itself, information comes along for the ride. Narratives are inherently more engrossing than basic facts. They have a beginning, middle, and end. If people get sucked in early, they’ll stay for the conclusion. […] You started down a path and you want to know how it ends. Until it does, they’ve captured your attention. Take the story of the coat my cousin bought from Land’s End. -Contagious, p.181 Continue reading You can try to get people to learn information… But people remember stories
A simple way to figure out which discount frame seems larger is by using something called the Rule of 100. If the product’s price is less than $100, the Rule of 100 says that the percentage discount will seem larger. For a $30 T-shirt or a $15 entrée, even a $3 discount is still a relatively small number. But percentagewise (10 percent or 20 percent), that same discount looks much bigger. If the product’s price is more than $100, the opposite is true. Numerical discount will seem larger. Take a $750 vacation package or the $2,000 laptop. While a 10 … Continue reading How to frame a deal with The Rule of 100
This can be because the actual deal itself exceeds expectations (for example, the percentage off is so unbelievable) or because the way the deal is framed makes it seem that way. Quantity limits work the same way. Retailers sometimes create limits around the number of a given discounted item a given customer can buy. “One per household” or “Limit three per customers.” You might think that by making it harder for people to get as many as they want these restrictions would hurt demand. But they actually have the opposite effect by making the promotion seem like an even better … Continue reading Promotional offers that seem surprising or surpass expectations are more likely to be shared
Imagine you are looking to buy a new clock radio. At the store where you expect to buy it, you find that the price is $35. A clerk informs you that the same item is available at another branch of the same store for only $25. The store is a twenty-minute drive away and the clerk assures you that they have what you want there. What would you do? Would you buy the clock radio at the first store or drive to the second store? If you’re like most people, you’re probably willing to go to the other store. After … Continue reading Diminishing Sensitivity
Kahneman received the Nobel [prize] for his work with Amos Tversky on what they called “prospect theory”. […] One of the main tenets of prospect theory is that people don’t evaluate things in absolute terms. They evaluate them relative to a comparison standard, or “reference point”. Reference points help explain the barbecue grill scenarios we discussed a few pages ago. People use the price they expect to pay for something as their reference point. So the grill seemed like a better deal when it was marked down from $350 to $250 rather than when it was discounted from $255 to … Continue reading The psychology of deals – Importance of reference points
If people get something not everyone else has, it makes them feel special, unique, high status. And because of that they’ll not only like a product or service more, but tell others about it. Why?Because telling others makes them look good. Having insider knowledge is social currency. *Note that making access difficult is different from making it impossible. Sure, getting a reservation at Please Don’t Tell is tough, but if people call enough they should be able to snag a reservation. -Contagious, p.55 Continue reading Scarcity and exclusivity boost word of mouth by making people feel like insiders
Roadmap to Billions 