statement than you realise. Oxytocin is the so called ‘cuddle hormone’ credited with forming the unshakable bond between mother and daughter and in stimulating empathy, trust and generosity. A recent nine year study by Paul Zak, Professor at Claremont Graduate University, has shown oxytocin to be the “social glue” that adheres families, communities and societies and his most recent study would suggest that oxytocin is key to stimulating our increasing need for constant connectivity to our friends and increasingly business contacts via Twitter, Facebook, email, text and phone. Essentially our brain reacts to tweeting in the same way as it does to physical face-to-face engagement with people we trust and company we enjoy.Read More
People always say to me, “But value is just like beauty, it’s in the eye of the beholder”. OK, so one man’s value can be another man’s poison (to mix metaphors) but there are ways in which you can start to quantify value. We always use the equation ‘Value = Benefits minus Cost’, where cost can be price, risk, loss or any other downside.Read More
70% of world-class organisations say that if they do give price concessions to customers, they always ensure they get comparable value in return, such as an extended contract or an additional warranty. This compares with only 19% of European firms, according to the 2009 Sales Best Practices Study from Miller Heiman. In other words, European companies are too ready to discount without getting anything in return. I’m looking forward to the UK-specific breakdown of this report which is due out shortly. It will be interesting to see if Brits are more or less likely to offer discounts or if we understand value any better.
The study, based on input from European and global sales professionals, analyses complex B2B sales environments to reveal the best practices of world-class sales organisations.
Or, ‘how does having more to choose from affect your choice’?
Have you ever felt so daunted by the amount of different things to choose from that you ended up not choosing anything at all? If so, you are not alone, as the results from the following experiment show. A stall was set up in a supermarket for jam tasting. On one day the stall had 24 jams, and on a different day only 6 jams. Although the stalls with more jams attracted more attention (60% of the people passing by stopped, compared with only 40% for the small-selection stall), of the people who stopped only 4% at the stall with the larger selection subsequently bought a pot, whereas 30% of the people who stopped at the small-selection stall went on to buy a pot(1).Read More
In the developed world, until last year we had 15 years of uninterrupted prosperity where growth was a permanent feature. Between 1995 and 2005 disposable incomes increased in the slower economies by 10% and in the highest growth economies by as much as 33%. That economic landscape has had a profound impact on our buying habits. We could afford to be curious about gadgets and new technology, indulge ourselves in premium products and just-for-fun experiences.Read More