Transcript
Robert Cialdini (0:00)
If you're ever in a situation where you have a budget that you're recommending and you do all your calculations and you see that this is going to cost 120 and £112, and what you do is lop off the 112, you say we'll charge you £120,000 for this. Wrong.
Phil Agnew (0:23)
That is Robert Cialdini, the author of the world famous marketing psychology book Influence Today. On Nudge, he explains why that pricing model is wrong. He'll also talk through why the prime energy drink first succeeded and then flopped, how Disney kept us hooked on classic movies, and how he applies the authority bias to sell his own training courses. All of that coming up. HubSpot makes impossible growth impossibly easy for their customers. And here's the perfect example. Morehouse College, a liberal arts college in Atlanta, needed to reach new students with fresh, engaging content. But with a massive 900 page website, even the smallest updates took 30 minutes for them to publish. But then they found Breeze, HubSpot's collection of AI tools, and Breeze helped them write and optimize their content in a fraction of the time. The results 30% more page views and visitors now spend 27% more time on their site. If you're ready for growth like this, visit HubSpot. Back in 1975, the researcher Stephen G. West ran a very simple study on 27 female college students. All students studied at Florida State University and all of them ate at the main university cafeteria. These students, they really didn't like the food at this cafeteria. Only 2 out of 10 had anything positive to say about the university cafeteria food. But there wasn't really choice at the university, so they kept coming back. They were still loyal customers despite not liking the food. Nine days later, all students were greeted by a second researcher, one of West's assistants. He told these same students one of three things. Some were told that the movie Shaft would play at the cafeteria the following week. That was the control. It was just a control setting. The movie Shaft really had nothing to do with the experiment. A second group were told that no carbonated drinks would be available for a few days due to the servicing of the machines. And a final group was told that the cafeteria would be closed for at least two weeks due to a fire. Five minutes later, five minutes after being told one of these three things, the students were asked to rate the food at the cafeteria again. And something incredible happens here. Because nothing had changed about the quality of the food, the delivery of the service, the design of the cafeteria. And yet those who were told that the cafeteria would shut down for two weeks, suddenly rated the food significantly higher, significantly better than they did before. They were 30% more likely to rate the exact same food more positively. This is the principle of scarcity. When an item becomes scarce, we value it more. Now, you might disregard this study as insignificant. You might say it's 50 years old and it was only conducted with 29 students. I think that's fair. But today, Robert Cialdini and I will go through plenty more ev backed examples that show just how much the scarcity principle influences all of us.
