How We Value Things (And Take Decisions)
The advertising agency J Walter Thompson used to set a test for aspiring copywriters. One of the questions was simple
Here are two identical 25-cent coins. Sell me the one on the right
One successful candidate understood the “ALCHEMY” and he said
I’ll take the right-hand coin and dip it in Marilyn Monroe’s bag. Then I’ll sell you a genuine 25-cent coin as owned by Marilyn Monroe.
I read this example in Alchemy: The Surprising Power of Ideas That Don't Make Sense. Since then I couldn’t stop thinking about the number of decisions we take every day that is NOT “Rational”.
- We don’t value things, we value their meaning. The reason why so many luxury and lifestyle brands thrive.
- All buying decisions are emotional and backed by post-purchase rationalization.
Looking around my table, I find at least 3 items (an iPhone, an expensive pen, and a blender) that I got because they make me feel a certain way. Logically, I could live with a more economical option.
But what explains these purchases? No data would tell you!
Photo by Bruno Kelzer on Unsplash