Know your anchor. In 2005, three researchers sold energy drinks at two prices: Full price: $1.89 Discount price: $0.89 The researchers wondered if the price influenced the participant's performance on a cognitive task. Would a higher anchor make them perform better? Yes. Those who purchased the drink at the full price performed better on the mental task. The price anchor shaped their expectations and influenced their behaviour. This is also why you should never go clubbing with your...

Turning bankers into saints. British charity fundraisers asked behavioural scientists how to increase donations from investment bankers. The scientists said, "use reciprocity". Give the bankers a small packet of 50-pence sweets before asking for the donation. According to Robert Cialdini, this gift doubled the bankers' donations. A different Cialdini study showed that mailing a $5 "gift" check along with an insurance survey was twice as effective as offering a $50 payment for sending back a...

Remove the humans. In 2023, Lu Jung & Peck analysed 14,725 Instagram photos from travel influencers. Specifically they measured: Which images got more likes Which images drove more sales Turns out, there was one clear correlation ... humans. The images of travel destinations received fewer likes if they showed somebody in the photo. This effect reduced sales, too. Why is this? Well customers want to feel ownership over products. The endowment effect reveals that the more control we have over...