Dan Ariely, the author of “Predictably Irrational: The Hidden Forces That Shape Our Decisions,” wrote about a research on how we accept advice from others and “experts” in particular.
The experiment featured a subject, an “expert” and an fMRI machine.
Subject’s brain was attached to an fMRI machine which monitored brain activity while the subject was making simulated financial decisions. The subject was asked to choose between receiving a risk free payment and trying their luck at a lottery. During the experiment, occasionally, they were presented with an “expert” economist advice as to which option they consider to be better.
“The results are surprising. Expert advice attenuated activity in areas of the brain that correlate with valuation and probability weighting. Simply put, the advice made the brain switch off (at least to a great extent) processes required for financial decision-making.”
The study showed that we become attached to advices from confident (but not necessarily accurate) sources. It means that we tend to put our own opinions aside whenever we hear one from an “expert.”
It is important to point out that the “expert advice” was suboptimal – meaning that the subjects could have done better had they relied on their own opinion. However, subject’s brain was literally switched off at the moment he was making the decision simply because he trusted the “expert” THAT MUCH.
The study explains why people are ready to pay hundreds (if not thousands) of dollars for Expert Consultation and Advice (without even realizing that they might have been better off without it).
I find this to be an astonishing marketing discovery. It enables us to better understand the consumer’s decision making process at the point of purchase. You can literally leverage this scientific breakthrough to boost sales. Here’s how you do it:
Instead of talking about how great and valuable your product is, ask other people to do it for you:
- Ask former clients to provide a testimonial stating clear benefits or problems your product solved for them
- Recruit affiliates and provide them with the necessary tools to make it easier for them to market your product
- Don’t sell people – give “expert” advice (which is best executed with your product)
- Get other experts in your niche talking about your product
Selling has become much more sophisticated in the last couple of years and if you want to keep up with the best of the best – you need to step up your game. A sales letter isn’t enough anymore, the traffic needs to come from an expert – an authority figure that has a following (that listens).
It is one of the reasons Internet Marketing is the future of sales. The immense viral potential simply makes it unstoppable. Every product has the chance of going viral. If you do your homework, you can be the next big thing no matter what you’re selling.
Your product needs to be good enough for people to want to share it on Facebook and Post it on Twitter. Your marketing funnel should reward those who spread the word with high priced bonuses. And you should have an army of clients who are ready to back the claims up.
Combining All Three Together – You’ve Got Yourself A Proven Recipe For Viral Market Domination.