From the course: Jonah Berger on Viral Marketing
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Highlight value through the rule of 100
From the course: Jonah Berger on Viral Marketing
Highlight value through the rule of 100
- Another way to apply a practical value is to use something I'll call the rule of 100. Practical value is all about useful information and one type of useful information is a discount. We see all types of discounts all the time. 50% off this, 60% off that, 1/2 off this. Groupon made a whole business model around discounts, getting people really excited about 75% off cuisines they've never tried. You see yourself driving 90 minutes to a Kazakhstani restaurant and you wonder why you went there, it's probably 'cause there was a Groupon for a seemingly great deal that made you think it was just something you had to take advantage of. But are there more effective ways to frame discounts? You don't want to discount if you don't have to but how can you use discounts more effectively? Well some research has shown that even saying something is on sale, even if it's not actually on sale without changing the price, is one thing that drives people to action. But the rule…
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