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Episode 47 of 132

[Special Episode] The Mindstate Marketing Hour #5 with Will Leach - The ROI Online Podcast Ep. 47

station description Steve Brown believes you, the entrepreneur, are the invisible hero of today’s econo... read more
The ROI Online Podcast
Duration: 39:54
In this weekly episode* of the Mindstate Marketing Hour, host Steve Brown of ROI Online, interviews Will Leach, author of Marketing to Mindstates, founder of Triggerpoint, and CEO of the Mindstate Group on why focusing on customers emotions and mindstates is key to successful marketing.*Originally p
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In this weekly episode* of the Mindstate Marketing Hour, host Steve Brown of ROI Online, interviews Will Leach, author of Marketing to Mindstates, founder of Triggerpoint, and CEO of the Mindstate Group on why focusing on customers emotions and mindstates is key to successful marketing.*Originally produced as a livestream video Mindstate Group free resources: in getting more Marketing to Mindstates content?Read Will's book: Marketing to MindstatesCheck out their website: Will on LinkedIn, Twitter, FacebookNeed real resources that will help you grow your business? Grab your FREE business growth stack resources here! in the QuickStart Academy today to learn how to develop and implement a proven growth strategy that grows your ROI, your business, and your confidence. Learn more HERE.Thinking of starting your own podcast? Buzzsprout’s secure and reliable posting allows you to publish podcasts online. Buzzsprout also includes full iTunes support, HTML5 players, show statistics, and WordPress plugins. Get started using this link to receive a $20 Amazon gift card and to help support our show!Support the show ($stevemfbrown)
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So by understanding the state of mind that someone is in, when they start to evaluate the product, then you can start to dial in your messaging to really connect with the higher order go. So and we're stepping into the triggers here, but just give us a little backstory there on the state of mind or the mind states. Yeah. So mind states are these temporary moments of emotional arousal and we have them all the time. So just imagine that throughout your day, you may go through 10 2030 moments where everything just feels like you're in Zen almost like things are natural, things feel intuitive and you're not confused. You feel safe in these moments, psychologically these are called mind states. And in these mind states you're more open to messaging, you're more open to offers that feel natural. And when things feel natural, Like I said, those things we tend to gravitate towards because they feel safe, they feel intuitive, they feel natural. So it's important to identify these mind states, which I talk about in the book and why that's important. We're gonna talk about those triggers today, is that when you are in this state of zen, when I just call it like Runner's high steve, remember, I don't know if you've ever done it, but I've gone into a runner's high where I was running and all of a sudden, like I just lost time and I had this like moment of clarity. Well, you have these moments of clarity 2030 40 times a day. You just don't know it because you're not consciously aware of them. But these things when you're in that moment, there's a trigger and these triggers what we want to talk about today, because these triggers take you from the moment of clarity to making a decision. We have moments of clarity all the time. We feel great all the time. You know, we may not be constantly aware of it, but we don't buy. We just move on. The whole point of. The last part of this book is about activating a trigger in those moments. And when you do that, then somebody takes it from emotionally excited and aroused. And yes, this feels great to I'm gonna go buy something and if your product delivers, if you've got a great product, great service, great food, whatever it is you're selling and you deliver in that state of mind, people are going to be more loyal to you. They're going to remember you, there's all these great benefits because you delivered on that emotional desire that they had.
So all of this is based on a lot of research, This is not just your observations. Yeah, that's right, it's on the science of behavioral economics. So, if you look at behavioral economics, it's the study of these shortcuts, and that study has been around since the seventies and it's got two Nobel prize winners who have studied nothing but that. So it's it's very foundational and social sciences and it's, well, it's well researched and they're investing tons into it. Every government in the world, every government in the world, every major government in the world has people who are thinking just about these shortcuts, they think about these things and they're using these shortcuts in policy every day. So it's well established at this point. So give us some good examples of these shortcuts, uh what, like what industry we're going to focus on today. What I did was I just literally pulled up randomly a amazon book page. So anybody who's out there, if you're watching this or whatever, go to any amazon page, because amazon tends to set up their pages all the same. So I just happened to, I pulled up amazon dot com about five minutes before the session. And it recommended for me to read this book, fix this next for Mike, Michael Michaela Quicks, metallic, metallic. Yes, yes, thank you. So he's written some great books profit. First was a book that I read long time ago, so he's got a new book fix this next. So forgive me, I'm gonna kind of look over here on my, on my dual, on my monitor here. So at the very top, So amazon, I know this specific about amazon that they use these shortcuts all the time. Um, and by using these shortcuts, they've created arguably the largest business and entity ever to be on the, I mean, it's bigger than the catholic church, right? It's the biggest entity in the world because of this, the most profitable entity as well. They're not doing these things an accident. They know these things work over millions and millions and millions of transactions sometimes each day. So if you're looking at your web screen at the very top, you will see one of the first things they do, right, is they place up on a book, any book you want to look at, you can look at it and it will say right off the bat, there are ratings and there'll be a five star ratings. And I'll tell you, you know, basically, is that on the average is getting forced to 4.5 stars or five stars. Right? So you get the total star ratings. Those you call ratings to me, I call that social proof. So a shortcut is this idea that when we see that lots of people are taking on a behavior in this case uh Mike has 163 ratings on this book. And it looks like all five star ratings Now. Certainly I could look at all those ratings and I could really think through the cost benefits. But for many of us we look at those star ratings and we say lots of people, 163 people have said that this is five star. That's easy. I'm gonna go ahead and I feel safer about that decision. It's called social proof. I use social proof all the time and I would encourage you if you're watching used social proof, especially in this economy right now where there's a lot of anxiousness and anxiety and trepidation and ambiguity because social proof makes us feel much safer. And we will use that as a shortcut to making a decision. So the drill down right quick on that. The reason that those, how many reviews were on their 163 So 163 people, we can feel safe that they've dug in and evaluated and done a lot of the back work for us, right? So that's why you're calling it a shortcut. That's right, That's right. It's just safe and you don't even know, most people don't even know, it just feels like safe and stars are not, you know, they could have put in little smiley faces, they could have put in carrots. But what did you stars where there is an association of a star with success and with positive, stars are positive. So that's that's not that's not a mistake or half hazard like that is a decision that you know, amazon made at some point right Right below that. It says number one best seller and has a kind of this little banner Again, number one best seller is another example of of uh, of a, of a heuristic or sorry, of a shortcut. And what that what that shortcut is is um, this concept called um authority authority bias. So if something is said to be number one in anything, there tends to be psychologically place that there must be authority. Like if it's number one, somebody gave it a number one rating. And so rather than me trying to figure out, you know, is this really good? You can sometimes look at the word number one and assume well it won number one. It must be good. So it's just, it's just one of these shortcuts that we use guys that is literally within the amount of a thumbprint that I have on one page on the website. They've already hit me with two of these shortcuts to make me feel safe about this purchase. And I haven't even looked at what the book is even about. Um a third one as I'm scrolling here and they do this a lot. Um what you'll see on any website on amazon is they will have um the list price which would be the normal price, this is the price that you should be paying. And then they'll cross it out. They do this all the time And then below that they'll say bye bye new buy used or whatever and they'll have you, they'll have the real price that you would pay. And then below that, save a certain amount of money. So in this case his list price was $26 for this book That $26 is crossed off and it says buy new for $18.39. And then it says save $7.61 or 29%. What that is is a concept called anchoring and adjustment. It's a shortcut. So when you see a price that's high and frankly that 20 you know this right? We we made the decisions when we made when we actually put a book on Amazon Steve right, right. I remember having to make the decision. What is my list price? And then what am I going to actually, what am I actually going to sell my book for? That's arbitrary guys, Amazon doesn't at that price? Most people it's an arbitrary price. So what do you do you take this arbitrary price in this case? He said $26 and he crosses it off That anchors in our minds. The value of that book is $26. Why? Because you told me it's $26. It's very difficult for me to evaluate anything without an anchor. So he sets this anchor at $26 and then he crosses it out and he says but you can buy my book for $18.39 and it creates economic value. So if you only saw a book that costs $18.39, you may go that's pretty expensive. But I think it is a pretty expensive book. Most books are pretty expensive if you're gonna spend $20 on a book. But when you're telling me that it typically sells for $26 and I'm going to save almost 30 of this book. It creates value and it's all mental value. It's all mental value because they set the anchor. So so it's an interesting concept. But anchoring and adjustment when you are setting up your prices on your website or anything that you're doing, it's important to set and establish what value is. And since you control your price front you should be saying typically it costs $10 for this sandwich cross that off. But I'm giving you for 7 99 or 6 99 or 4 99. And you have now created great value feeling of value because you control the anchor. It's called anchoring adjustment. Anytime you go into a grocery store guys, you were being hit over the head with anchoring and adjustment every time you walk down an aisle it's constantly happening.
All right, so let's talk about the triggers. What's um first kind of describe what is a trigger and then how do we start to define the triggers and then apply them, yep. So the first one is if you are in uh kind of the social scientists feel when I say trigger you would refer to that as a cognitive heuristic. Or maybe there's somebody who has a PhD out there or nine men PhD just basic psychology class and there's these things called cognitive heuristics and what that really means is that we have shortcuts to decision making. And so let me give you a number. So I saw a study that one time measured the number of decisions that you typically make on a given day. And this study said that typically we make about 35,000 decisions. Like 35,000 decisions. Now I don't know how they did that, I'm sure that they may be kind of like when I place one ft forward, that's a decision. A second foot forward this third. So let's not think about 35,000. Let me just take 20% of those decisions. And they say, let's let's say that you really are making only 7000 decisions on any given day. It's only 20 of what the numbers would tell you. Even with that. Could you imagine doing cost benefit analyses of every one of those 7000 decisions? There's no way you you wouldn't get out of bed if you had to think through all the decisions on why should I get out of bed? What are the costs and benefits of getting out of bed or taking a shower in the morning? So here's what happens rather than you doing cost benefit analyses and thinking through you have these things called triggers these rules of thumb. They are things that you've learned over time that you're not even aware of, but they make decisions easier and faster. So the easiest one I give you, the one I talked about in the in the United States a lot is one of these rules of thumb are these triggers is called scarcity effect. And it's something that we've all learned, at least in our culture, that we tend to value things that we believe are scarce in nature scarcely effect. So when you see something on amazon and it says um only five left, what amazon is doing is they're dropping in a trigger that's telling your subconscious mind kind of that reptilian brain of you're saying this is scarce in nature, therefore it has more value to me. So I should I should take a look at that. That's much easier to make a decision on its scared. So I better go take it go by this thing than it is to really think through the cost benefits and steve when you put three of these heuristics are these triggers into a piece of creative. And I've got like a website here. I just actually pulled up amazon just to show or talk about. You know, I I see just on the first, you know, kind of slide your first page like seven of these triggers and if you just get a few of them into your creative, whether that's a website or whether that's an email, you can get moving somebody from something. Like I really like this idea to pulling the trigger to clicking on, you know, learn more to buying a book, etcetera. So that's kind of what what these triggers do they move you from excitement and arousal to an action.
So let's talk about the higher order goal would be understanding. Not just that, not just I want to buy a house or I wanna do that. I have a higher order goal talks about give us a little quick background on a higher order goal that is more than just wanting to buy a house. Yeah. So when you ask people, what are they looking for, what do they want? They will tell you things called functional goals. I want to save money. I want to save time. I want to eat great food. Um but the higher order goals where the emotion comes into play and higher order goals are where we generally direct our behavior. So higher order goal is asking somebody why is saving money saving time? Why is eating something that tastes great important to you? And it's a technique called laddering. And when you ladder somebody to the higher order goal, it's the meaningful part of why something is important to them. And we tend to go after those things that are at the higher order of our goals. So that's why it's so important to understand those things. Because if you are able to tap into somebody's higher order goals to deliver on somebody's higher order goals, you can expand your consideration set away from just selling a home or selling, you know, a great tasting chip. You can you can expand your consideration set into things that are their consideration set into things they weren't even thinking about you for. So you're not just great tasting chip, you're a chip that brings fun to the party. Well, now, all of a sudden you're considered a part of a party versus just a chip.
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