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Focus on the sunk cost fallacy

 

I was watching the popular TV series Lego Masters, and something one of the contestants said really got my attention.

Welcome to Focus On, a focus on a specific topic, business or issue for the month.

So what did she say that captured my attention?

“I’m just terrified I have spent this time building something that now won’t be used. I don’t want that to be wasted building time”.

This is the “sunk cost fallacy” - the predicament we find ourselves in...

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Influencing people to give a "crap"

 

Who Gives a Crap is a fast growing, direct-to-consumer social enterprise in the toilet paper business.

For my Just Do This members last month, I did a deep dive into five techniques they use to influence customer behaviour.

So you can sample Just Do This content, I've decided to share this video with you.

In it I cover:

  • Onboarding email messages
  • How they build customer confidence
  • What sender address and subject lines they use
  • How...
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The price advice people most hate

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...

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What should I do? Just do this...

 

It's a familiar question, but especially now.

What should I do?

  • What should I do about cash flow?
  • What should we do to increase sales conversion?
  • What should our value proposition be?
  • Should we have a returns policy?
  • How should we design our website?

Our days are riddled with these types of questions, which burn up higher level thinking and distract us from our 'why'.

So I wanted to help those who are short on time and simply want answers.

What should I do?

Just Do This

Just Do This...

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