Great Book: Influence, Science and Practice July 30, 2009
Posted by jjabel in Uncategorized.Tags: great books
add a comment
Influence: Science and Practice (5th Edition) by Robert Cialdini
ISBN: 978-0-205-60999-4
This book is not exactly a hidden gem, since it has sold about 1.5 million copies. I think that people who enjoy Malcolm Gladwell’s work will enjoy Cialdini’s work as well. Unlike a lot of “business literature,” Cialdini approaches the topic of influence scientifically, relying on empirical data to answer the question “what leads people to compliance?” A lot of time is spent on studies that are pretty well known (like the Stanley Milgram experiments). What I found more interesting were the examples of how compliance is subtly used (both knowingly and unknowingly) by organizations that most of us come in contact with every day.
Influence can be read in two ways. It was written to teach people how to avoid influence traps that play on the way we are wired biologically and socially. I think that the book could also be used by individuals who are looking to improve their ability to influence others.
The book describes six “weapons of influence,” with each receiving its own chapter. The weapons are: reciprocation, commitment and consistency, social proof, liking, authority, and scarcity. The chapters discuss the weapon in depth, give real world examples of the weapons’ use, and discuss strategies for defense against the given tactic. Each chapter ends with a great summary and some surprisingly useful discussion questions.
No matter what you do, you owe it to yourself to read this book. It might even save you some money!
Why a blog? July 26, 2009
Posted by jjabel in Uncategorized.Tags: Intro
1 comment so far
My name is Josh Abel. I am originally from Canton, Ohio and now live in Ann Arbor, Michigan. I work for MyBuys, a company that personalizes e-commerce sites. I am pursuing an MBA at the Ross School of Business, University of Michigan.
During the course of my studies at Ross I have found that it is extremely helpful to continually think about lessons from the classroom in the context of my daily life. When I watch a tv commercial, wait in a line, or use a product or service I think about those interactions in a way that I have not before. I hope that this blog will be a way to “workshop” some of my ideas.
From an academic perspective I am very interested in marketing and behavioral economics.
At the intersection of fantasy football and behavioral marketing July 26, 2009
Posted by jjabel in Uncategorized.Tags: behavioral marketing, monetization
1 comment so far
I have been playing fantasy football, with varying degrees of success, for about eight years. Many of my friends, co-workers, and fellow students spend countless hours in the fall putting fantasy team together. I have always participated in fantasy leagues that are free (yahoo.com or foxsports.com). There must be millions of fantasy football teams that, I would guess, take up a fair amount of server space. Short of charging people to participate in leagues there must be a way to monetize this free service.
I’m sure that the sites are selling user data to third parties, that’s to be expected. The sites also serve up banner ads, but they’re firing blindly. My suggestion for the free sites is to use data mining to serve up personalized ads to users. It’s a win-situation: recent research by the e-tailing group suggests that people value personalization in their web experiences, and more profitable free sites would ultimately lead to more functionality being included for “free.”
So the question is “what kind of actionable behavioral data can be gleaned from a person’s interaction with a fantasy football site?” The behaviors fall into two categories:
Explicit Usage Data
Metrics to observe: time on system, number of transactions, interest decay
Application: People who spend more time on their team or execute more transactions are, inherently more involved. Websites should up-sell these individuals premium services. If a person is spending less time on their teams as the season progresses it may say something about their commitment levels in general; but they might be susceptible to small, impulse purchases.
Implicit Usage Data
What to observe: which specific players or mix of players are on individual’s roster
Application: This is where some data extrapolation comes in. If, for example, I draft T.O. with the first overall pick when his average draft position is fifteenth does that say something about me as a consumer? It may mean that I am risk-seeking. Maybe it means I have a propensity to buy flashy diamond earrings. If I have more than a few players from a given team what does that say about me? It might be an indication that I live in that city and would visit a restaurant whose ad was served to me. Maybe I should also be shown that team’s jerseys available for purchase on the web.
I am interested in continuing this conversation. Please let me know what you think!
