How do you get a customer to reveal their budget?
Some customers are reticent to share their budget, either because they don't have one or they don't want to be oversold. So how can you price yourself?
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Once the dominant streaming service, Netflix is haemorrhaging subscribers, losing market share to the likes of Disney Plus, YouTube and Amazon Prime.
To shore up revenue, they have rolled the dice on a new ad supported "Basic" option.
Is this a good move?
That depends on the behaviour they are seeking to displace. Presumably this is an acquisition rather than retention strategy.
That means they are seeking to win customers from streaming competitors,...
What's one of the biggest findings from behavioural science that people resist?
That terrifies them the most?
Sequencing prices from high to low.
It's much more common to see menus and websites listing goods from low to high.
Well, that's a problem because you're wasting every sale.
Researchers Suk, Lee and Lichtenstein, for example, found way back in 2011 that listing the most expensive beer first increased the average paid by 4% compared to listing in descending order.
So I know it might...
Nudges are all about subtly influencing behaviour. In this video, I talk through my top five principles from behavioural economics to apply to your business right now, to improve results.
You'll see examples from Twitter, eBay, Noom and others.
More about my Influencing Action course:
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