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Podcast: Your Next Million
Episode: Stories Made Them Pay 64% More For The Same Product
Description: Stories can increase revenue by 376%, but only if you do them right. In one study, scientists proved that adding a fictional story to a cheap spoon on eBay increased its final selling price by 64%. They found the same result with wine, art, and charitable donations (Those used real stories though. They call it the "Rokia" Effect). Stories don't change the product. They change the value of the product in the customer's mind. But it can be hard to come up with them because we think they have to be about us, our amazing...