BackHOW TO CAUSE CUSTOMERS TO FORGET ABOUT PRICE. In 2022, Bernard Arnault was the world's wealthiest individual. In 2023, he is ranked number 2 behind Elon Musk. Arnault is the Chair and CEO of LVMH - Moët Hennessy Louis Vuitton, the world's ...
WE ARE VICTIMS OF COLLECTIVE ILLUSION.
A recent report on the Reserve Bank of Australia highlighted the dangers of ‘group think’ in setting interest rates. It was suggested that when the Governor makes a recommendation to the board – the natural inclination is to accept it. A consensus is reached without in-depth critical reasoning. In his book Collective Illusions, Todd Rose examined the drivers ...
HOW TO TEST SACRED COWS.
Few businesses on the planet have been more successful than IKEA. Established in 1943, the world's 8th largest retailer employs 211,000 people in one of 445 stores in 52 countries. In 2022, IKEA reported a gross profit of 14 billion euros, up from 13 billion euros in the previous year. IKEA has revolutionised retailing, persuading shoppers to travel to ...
$39 CAN BE CHEAPER THAN $34.
We are all familiar with the concept of products priced at $39 selling better than the same product sold for $40. We are familiar with the concept that the number '9' can create the illusion that $39 is much cheaper than $40 (despite the paltry 0.025% reduction in the price) – but we respond to ...
WIN BIG – BY THINKING SMALL
Research by Deloitte found that businesses satisfying an accepted criterion for being considered 'customer focused' are 60% more profitable than those not focused on the customer. This study also found that 64% of businesses with a customer-focused CEO are more profitable than those without. Research has also highlighted the power of personalised marketing, with 80% of consumers more likely to buy a ...
