Sellers Charge More Than They’d Pay to Buy What They’re Selling

In an experiment, people who were asked how much they would demand to sell a coffee mug set a price that was 2.2 times greater, on average, than the price other participants said they would pay to buy such a mug, according to a team led by Promothesh Chatterjee of the University of Kansas. Because people ascribe enhanced value to an object that they associate with themselves, they nonconsciously view a sale as a threat. Thus they demand more to give it up than they (or others just like them) would be willing to pay to acquire it, the researchers say.

consumer behaviorconsumer behavior,

Buyer Psychology: The Ethical Bribe

You know that if you offer something free on your site you will be able to create a list of prospects. Not only that, if you do a favor to someone, this person will feel the need to give back, which can be good for your business. Ethical bribes are very common on websites. Maybe you have one on yours. does it bring lots of prospects?
If not, you might want to take a look in this scenario:

A person is researching your product on your website. Their intuitive brain has approved the brand experience up to the point when they decide they are interested in downloading a free whitepaper kit off of your site. However, the landing page to download the kit is asking for their email address and name. Their rational brain is now taking the front seat and evaluating if the value of the whitepaper is worth the trade off of providing their email and name. How does a marketer assist them in this process?

Using statistics citing a reliable source
Clearly stating benefits (with bullet points)
Providing a description of exactly what will happen once they submit their email address
Showing a picture of the product or service (or the results of using it!)

Consumer behavior: Why You Need to See Two Products Before You’ll Buy One

When people in an experiment were shown two DVD players, 32% indicated they would buy one of the brands and 34% chose the other. But when the participants were shown a single DVD player, only 9% or 10% (depending on which brand they saw) said they would purchase the product, says Daniel Mochon of Tulane University. Retailers should bear in mind that consumers have an aversion to being offered just a single option, he says. Even if they can find an option they like, they may be unwilling to purchase it without considering similar options first.
decisions

Pronoun Use Reflects a Rising U.S. Individualism

Between 1960 and 2008, the number of uses of “I” or “me” increased 42%, and instances of “we” or “us” declined 10%, in hundreds of thousands of American books, both fiction and nonfiction, studied by Jean M. Twenge of San Diego State University and a team of researchers. The rise of the singular pronoun and the decline of the plural are consistent with what has been described as an increasing level of individuality in American culture over the last half-century, the researchers say.

I or we?

 

In Recessions, Women Seek to Become More Attractive

scentWomen who had read a vivid article describing growing unemployment and increasing scarcity showed a stronger desire (6.19 on a 7-point scale) to purchase lipstick, form-fitting jeans, and form-fitting black dresses, in comparison with women who had read a neutral article (4.97 on the same scale), says a team led by Sarah E. Hill of Texas Christian University. In tough economic times, women appear to increase their attractiveness as a way of finding mates with financial resources. Recession fears prompted no such desire among men to enhance their attractiveness, the researchers say.

Counting Down Makes Time Pass More Quickly

When research participants were asked to give a hand-exercise ball 25 squeezes, the time required for the task felt 20% shorter to those who counted down from 25 to 1 than to those who counted from 1 to 25, say Edith Shalev of Technion Israel Institute of Technology and Vicki G. Morwitz of New York University. In a related experiment, people who squeezed a hand grip while counting down, rather than up, had a more favorable attitude about the product and expressed a greater willingness to buy it. Counting down may seem more exciting than counting upward, and the distraction may decrease time judgments, the researchers say.

Counting Down Makes Time Pass More Quickly

Your Moral Reasoning Is Influenced by Your Physical Senses

Research participants who were given 2 teaspoons of a bitter herbal supplement made harsher judgments of such actions as shoplifting and library-book theft, rating these behaviors an average of 78 on a 0-100 scale of “morally wrong,” whereas people who had sipped only water rated the scenarios at just 62, says a team led by Kendall J. Eskine of the City University of New York. People who had sipped berry punch were even less harsh in their judgments. The research underscores that what we think of as purely “moral” reasoning can be strongly influenced by intuition and physical feelings.

Your Moral Reasoning Is Influenced by Your Physical Senses

Women Are Less Likely to Marry After Winning the Lottery

Winning $25,000 or more in a state lottery reduces single women’s likelihood of marrying within the next three years by 40%, say Mark Hoekstra of the University of Pittsburgh and Scott Hankins of the University of Kentucky. A big windfall may reduce marriage’s risk-sharing benefits for women, or it may make single life attractive in other ways, the researchers suggest. There’s no such effect on men’s marriage rates, nor does winning the lottery prompt women (or men) to divorce at higher rates.

win-the-lottery

Brain is Wired for Stories

business storytellers

The brain is wired for stories. We need to tell stories. Stories that are relevant to our market and that creates an emotional connection. And we need to tell the same story over and over again. Repetition leads to familiarity.

With one of our clients we tell the story of how the company started and about Grandma Essie on the about us page. That story is also on the package of every product, together with her picture. We bring Grandma Essie to the blog every now and then and to the social network websites as well.