Tag: advertising

Learnings

The psychology of deals – Importance of reference points

Chris Labs

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

Virality

People share practically valuable information to help others

Chris Labs

Sharing something useful with others is a quick and easy way to help them out. Even if we’re not in the same place. Parents can send their kids helpful advice even if they are hundreds of miles away. Passing along useful things also strengthens social bonds. If we know our friends are into cooking, sending them a new recipe we found brings us closer together. -Contagious, p.158 Continue reading People share practically valuable information to help others

Learnings

People don’t just care about how they are doing, they care about their performance in relation to others

Chris Labs

Getting to board a plane a few minutes early is a nice perk of achieving Premier status. But part of what makes this a nice perk is that you get to board before everyone else. Because levels work on two, well, levels. They tell us where we are at any time in absolute terms. But they also make clear where we stand relative to everyone else. -Contagious, p.47 Continue reading People don’t just care about how they are doing, they care about their performance in relation to others

Virality

Talking about remarkable things provides social currency

Chris Labs

Remarkable things are defined as unusual, extraordinary, or worthy of notice or attention. Something can be remarkable because it is novel, surprinsing, extreme, or just plain interesting. But the most important aspect of remarkable things is that they are worthy of remark. Worthy of mention. Learning that a ball of glass will bounce higher than a ball of rubber is just so noteworthy that you have to mention it. -Contagious, p.39 Continue reading Talking about remarkable things provides social currency

Learnings

Sell someone when they are the most excited

Chris Labs

You’re always most excited on Day 1. In the example of Alex Hormozi, his gym customers are excited prior to their first workout. Because after the first workout, they realize that shit, this is gonna be work. I think this is especially true when the results depend on the customer. For example a dog training program. People are excited before starting but then they realize that it will take a lot of time and effort. -Alex Hormozi on My First Million, Ep. 271 at 36mins Continue reading Sell someone when they are the most excited

Learnings

Marketing like everything else, is building a committed relationship. But most people see it more like a one-night stand.

Chris Labs

Smart entrepreneurs put their money into customer acquisition and building a long-term relationship with them. If a customer stays happy, they will continue to pay you money over a long time. This type of thinking doesn’t make sense if you only sell yoga mats, or one product of any kind. If you spend $30 to sell a $30 yoga mat, you’re not going to make much money. But if you have yoga blocks, towels, mats, teas, clothes, and meditation cushions, then you will happily spend $30 to acquire a $30 customer – because they eventually come back and buy more. … Continue reading Marketing like everything else, is building a committed relationship. But most people see it more like a one-night stand.

Copywriting, Copywriting Library

Cold Email: Here’s the Best Cold Email You’ll Ever Write

Chris Labs

Neville Medhora explains how this cold email template will make you the Don Draper of email. “Oh, you thought design was more important than copy? And let me guess… you must also stink at cold emailing.” Don Draper is dark, moody, and mysterious in all the right ways. He’s a creative genius who lounges on his office couch, sipping scotch while crafting the perfect slogan to capture the minds of America. All day he sits around, writing the perfect copy and then convinces his clients to spend wads of cash on it. And next thing you know, BOOM – millions … Continue reading Cold Email: Here’s the Best Cold Email You’ll Ever Write