Jul 6, 2022
Today on 3-Minute Marketing, I have the pleasure of sitting down with Leigh Caldwell, a cognitive and behavioral scientist turned marketer. He's the Founder of Irrational Agency, an award-winning author of "The Psychology of Price" and an avid blogger at his site, knowingandmaking.com. He's also a successful entrepreneur, having built and successfully exited 3 firms in the tech and economics consulting space.
Leigh's behavioral economics background has helped him yield some surprising insights on what does and doesn't work when it comes to understanding your market. My question for Leigh is: "What are the counterintuitive secrets to performing GOOD market research?"
Show notes:
-
Secret #1: People don't tell you the truth.
-
Your customers want to tell you all the great things about your product. But you want them to tell you the truth. So you need to ethically "trick" them into being honest with you.
-
Leigh built a simulated web store for his CPG client. While 60% of their panelists said they would buy their product, only 15% of users actually bought on the website.
-
They they then tested variables like packaging, pricing, etc. to drive the purchase rate up.
-
Secret #2: Behind everything people do, there is a hidden story.
-
Learn why and hear the rest of Leigh's secrets in the bonus footage by visiting WebMechanix.com/three-minute-marketing-episode-62