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Richard Shotton

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892 total appearances
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Something You Should Know
Surprising Factors That Influence What You Buy & The Strange Story of Ice

seemed to peak during the World Wars when many, many men were overseas fighting for this country.

Something You Should Know
Surprising Factors That Influence What You Buy & The Strange Story of Ice

And I can't help but think of that 1930s song that was popularized by Ray Charles, I think in the 50s or 60s, with lyrics that say something like, I'm moving to the outskirts of town and I'm gonna buy my woman a Frigidaire.

Something You Should Know
Surprising Factors That Influence What You Buy & The Strange Story of Ice

Just to get rid of that icebox and the Iceman altogether.

Something You Should Know
Surprising Factors That Influence What You Buy & The Strange Story of Ice

Well, thank you so much.

Something You Should Know
Surprising Factors That Influence What You Buy & The Strange Story of Ice

I really appreciate this.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

So Five Guys is the opening chapter, and we talk about something that they did very powerfully, which is when they launched, they were relentless at focusing on just doing burger and chips.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

So people like McDonald's have got seduced by the fact that they could launch filet-o-fish and chicken burgers.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

But Five Guys relentlessly honed down on just doing burgers.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

Now, some of the benefit of that is an ability just to get better at cooking, better at producing your core product.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

But psychologists argue there's something else on top of it.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

So there's an idea called the gold dilution effect.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

And the first studies were done by Zhang and Fischbach back in 2007.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

And they did a very simple experiment.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

Recruit a group of people, randomize them into two subgroups, and the first set of people are told, if you eat tomatoes, it's very good for your heart health.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

Here are the reasons.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

And that group are asked to say whether they think eating tomatoes is worth doing for their heart health.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

Second group of people, they see exactly the same text, exactly the same reasons and logic and facts about why tomato eating is so good for cardiovascular health.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

But they are also told if you eat tomatoes, it will improve your eye health.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

It will reduce degenerative diseases.

Modern Wisdom
#1053 - Richard Shotton - 11 Psychology Tricks From the World’s Best Brands

Now, when that second group are asked to say how good eating tomatoes is for heart health, they come back with a 12% lower score.