Manage episode 299855037 series 2828976
[0:21] – Jennifer reveals this episode's topic as Walmart and its psychological methods.
[2:42] – Check out the new Choice Hacking course – How to Create Persuasive Experiences!
[3:41] – Walmart, as Jennifer shares, is well known for its everyday low prices.
[4:20] – Learn about Sam Walton, the founder of Walmart.
[5:25] – Jennifer explains how Walmart keeps customers coming back, discussing behavioral scripts.
[6:57] – Jennifer talks about Walmart's action alley and how it disrupts customers' behavioral scripts.
[7:15] – We learn about a behavioral science principle called salience bias.
[8:02] – Walmart also drives its sales using the anchoring effect, which Jennifer describes and explains.
[10:00] – Jenifer asserts that the use of anchoring in pricing indicates that most customers don't know how much an item should actually cost in isolation.
[10:31] – Walmart strives to deliver value to customers, not just low prices.
[12:14] – Jennifer reveals why brand names are so powerful when it comes to creating a perception of value, crediting the authority principle.
[12:55] – Walmart is always evolving.
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