Thread 👇🏽
Recently finished Influence by Robert Cialdini.
Many people say it is one of the most important books they've read. When Charlie Munger first read it, he sent Cialdini an A share of Berkshire b/c he was so grateful. That is worth 300k today.
Here's my synopsis...
Recently finished Influence by Robert Cialdini.
Many people say it is one of the most important books they've read. When Charlie Munger first read it, he sent Cialdini an A share of Berkshire b/c he was so grateful. That is worth 300k today.
Here's my synopsis...
Main Thesis:
We all have automatic responses programmed into us that can be taken advantage of. It is through these psychological vulnerabilities that the marketer, or anyone really, can prey.
The books goes over the 7 main vulnerabilities and how you can deal with them.
We all have automatic responses programmed into us that can be taken advantage of. It is through these psychological vulnerabilities that the marketer, or anyone really, can prey.
The books goes over the 7 main vulnerabilities and how you can deal with them.
The 7 tools are as follows:
1. Contrast (not explicitly a tool, but it qualifies)
2. Reciprocation
3. Commitment and Consistency (lumped together b/c similar)
4. Social Proof
5. Liking
6. Authority
7. Scarcity
1. Contrast (not explicitly a tool, but it qualifies)
2. Reciprocation
3. Commitment and Consistency (lumped together b/c similar)
4. Social Proof
5. Liking
6. Authority
7. Scarcity
1. Contrast
After seeing something expensive, the other options seem cheap.
"when a man enters a clothing store w/ the express purpose of purchasing a suit, he will almost always pay more for whatever accessories he buys if he buys them after the suit purchase than before."
After seeing something expensive, the other options seem cheap.
"when a man enters a clothing store w/ the express purpose of purchasing a suit, he will almost always pay more for whatever accessories he buys if he buys them after the suit purchase than before."
1b. Contrast
More professions than just clothiers use this tactic as well.
Real estate agents: take you to some not-so-nice houses before showing you the great one.
Car salespeople: what's an added GPS and a back-up camera when you're already spending 25k?
More professions than just clothiers use this tactic as well.
Real estate agents: take you to some not-so-nice houses before showing you the great one.
Car salespeople: what's an added GPS and a back-up camera when you're already spending 25k?
2. Reciprocation
Give and ye shall receive.
Krishnas were having a hard time increasing donations. What if, in public places, they offered people a free gift of a flower for nothing in return? Donations soon skyrocketed.
Wonder why free e-books are popular?
Give and ye shall receive.
Krishnas were having a hard time increasing donations. What if, in public places, they offered people a free gift of a flower for nothing in return? Donations soon skyrocketed.
Wonder why free e-books are popular?
2b. Reciprocal Concessions
Otherwise known as door-in-the-face. Offer something big and then give a downplayed second option. Building onto contrasting.
"In combination, the influences of reciprocity and contrasting can present a fearsomely powerful force."
Otherwise known as door-in-the-face. Offer something big and then give a downplayed second option. Building onto contrasting.
"In combination, the influences of reciprocity and contrasting can present a fearsomely powerful force."
2c. More on Reciprocal Concessions
*Interesting story alert*
Wanna know why/how Watergate happened? Read below 👇🏽
*Interesting story alert*
Wanna know why/how Watergate happened? Read below 👇🏽
3. Commitment and Consistency
"We all fool ourselves from time to time in order to keep our thoughts and beliefs consistent with what we have already done or decided."
Classic commitment bias.
"We all fool ourselves from time to time in order to keep our thoughts and beliefs consistent with what we have already done or decided."
Classic commitment bias.
3b. Commitment and Consistency
These work "like most other forms of automatic responding, it offers a shortcut through the density of modern life. Once we have made up our minds about an issue, stubborn consistency allows us a luxury: we really don't have to think."
These work "like most other forms of automatic responding, it offers a shortcut through the density of modern life. Once we have made up our minds about an issue, stubborn consistency allows us a luxury: we really don't have to think."
4. Social Proof
When we don't know what to think, we look to others to determine our actions.
Wonder why websites have so many testimonials?
Wonder why sit-coms use fake laugh tracks even though we all know they are fake?
When we don't know what to think, we look to others to determine our actions.
Wonder why websites have so many testimonials?
Wonder why sit-coms use fake laugh tracks even though we all know they are fake?
4b. Social Proof
The crazy story of Kitty Genovese 👇🏽
The crazy story of Kitty Genovese 👇🏽
4c. Social Proof
Here's how to prevent "pluralistic ignorance" like the case with Kitty Genovese.
- Choose one person and speak directly to them. Get rid of all ambiguity.
Let's say you're in a car accident. Point directly at someone and they will comply.
Here's how to prevent "pluralistic ignorance" like the case with Kitty Genovese.
- Choose one person and speak directly to them. Get rid of all ambiguity.
Let's say you're in a car accident. Point directly at someone and they will comply.
5. Liking
We comply at a much higher rate when we like someone.
Here's how Tupperware parties took advantage of so many psychological vulnerabilities 👇🏽
We comply at a much higher rate when we like someone.
Here's how Tupperware parties took advantage of so many psychological vulnerabilities 👇🏽
5b. Liking
Ways to increase liking:
- Compliments (needs to explanation)
- Familiarity (ever wonder how the used car salesman always knows someone from where you're from?)
- Association (weathermen are more popular when the sun is shining even though they can't control it)
Ways to increase liking:
- Compliments (needs to explanation)
- Familiarity (ever wonder how the used car salesman always knows someone from where you're from?)
- Association (weathermen are more popular when the sun is shining even though they can't control it)
6. Authority
We are more likely to comply with authority figures.
The famous Stanley Milgram Teacher/Learner experiment reveals the power of authority.
- Volunteers were ordered to give electric shocks to another person in the room next door by "the Teacher."
We are more likely to comply with authority figures.
The famous Stanley Milgram Teacher/Learner experiment reveals the power of authority.
- Volunteers were ordered to give electric shocks to another person in the room next door by "the Teacher."
6b. Authority
(experiment continued)
- 65% of people administered a deadly dose to their peers.
- Granted, the peers were actors pretending to writhe in pain but the volunteers didn't know that.
65%!!! Talk about submitting to authority.
(experiment continued)
- 65% of people administered a deadly dose to their peers.
- Granted, the peers were actors pretending to writhe in pain but the volunteers didn't know that.
65%!!! Talk about submitting to authority.
7. Scarcity
We want what we can't have.
Ever wonder why websites have timers and "limited supply"?
Ever wonder why you wanted something more when you were turned down?
Or the Supreme phenomenon?
vice.com/en_us/article/…
We want what we can't have.
Ever wonder why websites have timers and "limited supply"?
Ever wonder why you wanted something more when you were turned down?
Or the Supreme phenomenon?
vice.com/en_us/article/…
7b. Scarcity
Scarcity also ties into social proof. Is something is scare that means other people think it is valuable.
Remember, when we don't know the value of something, we look to others.
Sound like the way stocks are valued in most cases?
Scarcity also ties into social proof. Is something is scare that means other people think it is valuable.
Remember, when we don't know the value of something, we look to others.
Sound like the way stocks are valued in most cases?
/Fin
This is a must read for anyone interested in business. This is a big-time #Lindy book. Enjoy!
Thanks for reading 😄
You da 💣
This is a must read for anyone interested in business. This is a big-time #Lindy book. Enjoy!
Thanks for reading 😄
You da 💣
