How Walmart Used Psychology to Perfect Its Experience

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Manage episode 299855037 series 2828976
By Jennifer L. Clinehens. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

[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.

Links and Resources

Choice Hacking - Website

Choice Hacking Mailing List

Jennifer Clinehens – Choice Hacking: How to use psychology and behavioral science to create an experience that sings

Choice Hacking - Twitter Page

Choice Hacking - Instagram Page

Choice Hacking - YouTube Channel

Jennifer’s LinkedIn Page

Choice Hacking - How to Create Persuasive Experiences

Free Trial of Monday.com

Walmart – Website

Sam Walton – Made in America

13 episodes