The most important skill you didn't learn in school:
Behavioral Psychology.
7 psychological hacks that are so effective customers will line up to pay you:
1/ Anchoring Bias
Users rely heavily on the first piece of information they see.
Actionable insight: Start with the highest first in your pricing.
Example: Tinder uses the highest price to influence our buying decision.
2/ Hick's Law
More options lead to harder decisions
Find an area where you have a lot of options and then try to reduce them.
Removing your header & footer nav in your checkout flow may lift your conversion rate by 28%.
Example: Instapage just has a primary call to action
3/ Nudge
Subtle hints can affect users' decisions.
Small cues or context changes can encourage users to make a certain decision without forcing them.
Actionable insight: Use harmless nudges to sell more.
Example: Amazon focuses 1/3 of the screen to push for subscriptions.
4/ Social proof with the recency effect
Users adapt their behaviors based on what others do.
Example: Basecamp shares how many folks signed last week.
5/ Positive Scarcity
People want more of those things they can have less of.
Uber Eats found the right angle: using a real limited resource (timing of deliveries), they are convincing new users to share the same restaurants as past users.
6/ Reduce Cognitive Load
Cognitive load is concerned with how much the brain can do at any one time.
Actional insight: Reduce friction for prospects.
Synthesis payment checkout flow had too much cognitive load. We moved to Typeform. It increased our conversion from 24% to 40%.
7/ Zeigarnik Effect
People remember incomplete tasks better than completed ones.
Duologin shows incomplete tasks to finish.
Actionable Insight: Use checklists, progress bar, and gamification to push to convert more customers.
That's all folks.
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Over the past three months, I've spent over $300,000 on Facebook ads.
I slashed the cost per acquisition down from $60 to $30.
The secret?
A systematic creative testing strategy.
Steal this step-by-step scientific way of approaching ads:
Step # 1 – Focus on two types of campaigns only
You should only have two campaigns to keep the account structure simple. One should be the main prospecting campaign, and the other should be the creative testing campaign.
The prospecting main campaign is to scale the winning ads
Step # 2 – The creative testing
Based on your budget, start with 2 concepts (different creatives) and 3-4 variations.
Example: H/t Fraser
Once you find the winning hook & creative asset then you move that asset to the main campaign.