There are more negative emotional words (62%) than positive words (32%) in the English dictionary. The disproportionate way our brain has of filtering data, will have a significant impact on whether a customer chooses to spend money with your organisation again. When working with clients, we encourage them to understand and measure their value using the Value equation...Read More
Everyone always talks about the rational and immediate term reasons why you need a value proposition, such as: it will improve your sales; it will make it easier for customers to buy from you; it speeds up the sales process and leads to greater profitability. But there are also deeper and subtler reasons which have major implications for the heart of your business. As a psychologist, I am keenly aware of how psychological aspects of value impact people at work and also businesses as a whole.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
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
I had a conversation with a journalist the other day who asked me if the best way of weathering the recession was to put strategic plans on hold in favour of more tactical actions that produce more immediate results. I resisted the temptation to snarl and politely told him that if I see yet another email coming out from Business Link and the like telling me how to “cut costs and save money during the recession” I’ll scream!Read More