Wealth Magazine

Life Lessons. 🔥

Three stories to learn:
1. Nokia refused Android
2. yahoo rejected google
3. Kodak refused digital cameras
Lessons:
1. Take chances
2. Embrace the Change
3. If you refuse to change with time, you'll become outdated

Three more stories:
1. Facebook takes over whatsapp and instagram
2. Grab takes over Uber in Southeast Asia
Lessons:
1. Become so powerful that your competitors become your allies
2. Reach the top and eliminate the competition.
3. Keep on innovating

Two more stories:
1. Colonel Sanders founded KFC at 65
2. Jack Ma, who couldn't get a job at KFC, founded Alibaba and retired at the age of 55.
Lessons:
1. Age is merely a number
2. Only those who keep trying will succeed

Last but not least:
Lamborghini was founded as a result of revenge from a tractor manufacturer who was insulted by Ferrari founder Enzo Ferrari.
Lessons:
Never underestimate anyone, Ever!
✔️ Just keep working hard
✔️ Invest your time wisely
✔️ Don't be afraid to fail

Cognitive Bias #6: SALIENCE

Salience bias is the cognitive bias that predisposes shoppers to focus on items that are more prominent or emotionally striking.

When going to the supermarket, customers know that they should consider the healthy options available to them for their weekly meal planning, yet they often forget about this when they see the attractive packaging of a tube of biscuits or a packet of crisps.

The salience bias is at play in this scenario as the salient features of an item's packaging sway the consumer to make a decision that does not consider whether or not an item is a healthy option.

As a result, the customer could make an inadvisable decision for their health that would have been avoidable if they were aware of the salience bias at play.

And how to apply it to your business?

There are few ways to make your product stand out using this bias.

We can use simple techniques in order to maximise communication potential for your brand:

1. Contrast

If everything looks quite similar, nothing stands out. Take milk boxes as examples - all rectangular, white, with some bright colours, etc. A different shape or dark box would really stand out in that aisle. It's worth investing in a great design to outdo your competitors.

2. Emotion

The more emotional your brand is, the more shoppers will engage with it. One sure-fire way to generate emotion and exploit the salience bias is to add imagery of other people to your brand display, and especially with these people are looking straight into your eyes.

3. Adjacencies

Sometimes brands can appear a surprise just because of where they are located in-store. Research has shown that a potato chips FSDU performed better in the sweet confectionery aisle than it did in the savoury snacks aisle, just because shoppers weren’t expecting it to be there.

How well you combine traditional success strategies with the latest behavioural science and today’s tech breakthroughs determines your level of success.

If you’re ready to upgrade your business.

Get in touch! I’ll be glad to help you on your Business Journey!