Tuesday, May 27, 2008
Why is FREE so irresistible?
How can it help you generate greater profits?
Dan Ariely, in his book, Predictably Irrational, offers empirical data that shows that rational thinking goes out the window when something is free. Why?
Professor Ariely believes that "most transactions have an upside and a downside, but when something is FREE! we forget the downside." Makes sense; why explore a downside when there apparently isn't one?
There are two applications for this counter-intuitive insight:
For more information on Dan Ariely visit his website www.predictablyirrational.com.
If there are topics you'd like addressed, please email me at dale@furtwengler.com
How can it help you generate greater profits?
Dan Ariely, in his book, Predictably Irrational, offers empirical data that shows that rational thinking goes out the window when something is free. Why?
Professor Ariely believes that "most transactions have an upside and a downside, but when something is FREE! we forget the downside." Makes sense; why explore a downside when there apparently isn't one?
There are two applications for this counter-intuitive insight:
- As a buyer, train your mind to explore the whole deal instead of focusing on what's free. It can save you a lot of money.
- As a seller, find low cost ways of offerings something free and you'll increase both your revenues and proft margins.
For more information on Dan Ariely visit his website www.predictablyirrational.com.
If there are topics you'd like addressed, please email me at dale@furtwengler.com
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