Lightning Talks Video : Andrew Nicholson on heuristics and biases (part 3)

February 24, 2014 by George Barker

Previously on…

Andrew has spent his previous videos getting to grips with questions like ‘Why will we spend $120 on a tshirt but not $1200 on a handbag?’ and ‘Did Heuristics cause the financial crash?’. In this third and final video, Andrew gets right to what we’re all interested in: pricing. He hits the nail on the head – we just spent $600 on a new phone, but 99c for an app? No way!

Andrew came to speak to us at one of our Qubit Lightning Talk evenings – a night for Qubit employees to sit and listen to guest speakers teach us something new and interesting. Andrew has previously presented at events, such as Econsultancy’s Festival of Marketing, discussing the use of cognitive heuristics to optimize conversion rates.

We were lucky enough to have Andrew speak to us that evening and now we’re bringing him to you too (via video, of course).

Heuristics and biases – Part 3

Watch the final part of our video series where Andrew discusses:

  • Artificial pricing anchors – how the average transaction value increased by 11% for one package… but increased the other packages by 26%.

  • How app stores are suffering thanks to negative anchors.

  • How much would you pay for a unicorn? How about some black Tahitian pearls?

  • Why Justin Bieber’s singing toothbrush turbocharges post purchase justification.

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