A few years ago the Williams Sonoma stores started selling a new concept product, a "bread maker". When people saw it they asked themselves, "Do I need a bread maker?" and thought, "These things are expensive!" As a result sales were dismal. Williams Sonoma got with their consultants to see what could be done to save this idea. The result was to start offering a more expensive version of the bread maker! When this arrived at the stores, the original bread maker began flying off the shelves. Why? Consumers had nothing with which to compare it.
The new book is Predictably Irrational by Dan Ariely. This book is in the same vane as Blink and Sway. Mr. Ariely is a professor of Behavioral Economics at MIT and discusses the hidden forces that shape our decisions. It is a fascinating read. He shows why stores always advertise three versions of the same item (ex: TVs) and know which one you and I will pick. He tells (like Williams Sonoma) why restaurants why very expensive entrees on the menu even though they don't expect you to order them. This book is really about how our mind processes things and how our brains are imprinted by first impressions.
Good stuff!
The new book is Predictably Irrational by Dan Ariely. This book is in the same vane as Blink and Sway. Mr. Ariely is a professor of Behavioral Economics at MIT and discusses the hidden forces that shape our decisions. It is a fascinating read. He shows why stores always advertise three versions of the same item (ex: TVs) and know which one you and I will pick. He tells (like Williams Sonoma) why restaurants why very expensive entrees on the menu even though they don't expect you to order them. This book is really about how our mind processes things and how our brains are imprinted by first impressions.
Good stuff!
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