Use These Influence Hacks To 10x Your Conversions

0:00Alright, so we're going to talk about influence hacks that will help 10 extra conversion. So funny enough, Neil sent me a text the other day. I was finishing up my last year of this entrepreneur's master's program. And then Neil was like, you know, this stuff doesn't help with your business. Go do this and that. I don't disagree, right? But there's some good stuff in here. Neil, we're going to play a little game here. Are you ready? Wait, before that, did you end up hiring the two people? We're in process for that right now. We're in process for that. Okay, ready for the game. All right, let's do it.

0:26All right, here's the game. Neil, I'm going to give you two options here, okay? Okay, so let's say I gave you a plan to basically, you're trying to save jobs. That's your objective here. Okay, so plan A is it will help you save one of three power plants and you will save 2000 jobs. Are you following me so far? Power plants? You're talking about power plants. Yeah, we're talking about power plants. You're trying to save jobs here. You're trying to make a decision on how many power plants will survive and how many jobs will survive. Okay, does that make sense? So first plan, you'll save one of the plants and one of the three plants and you'll save 2000 jobs.

0:58makes sense yes yeah second plan is plan b has a one-third probability of saving all three plants and all 6 000 jobs but has a two-third probability of saving no plants and no jobs so you have a one-third plant so 30 30 chance of saving all jobs what would you pick i would pick number a a is a guarantee okay so now now okay we just did that one okay so here's the second version And to be clear, I picked the version that says one plant, 2 ,000 jobs. Correct. The guarantee. That then a chance of no jobs. Correct. All right. Ready for version two? Yeah. So version two, the plan will result in the loss of two of the three plants and 4 ,000 jobs.

1:41Are you following me? The plan will result in the loss of... Two of the three plants and 4 ,000 jobs. That's the same thing. So I'll still be left with 2 ,000 jobs, no? Okay. So that's the first option. Now let me give you option B. this plan has a two-thirds probability of resulting in the loss of all three plants and all 6 000 jobs and has a one-third probability of losing no plants and no jobs which one would you pick the same thing as what you told me earlier so which one would you pick it's a because you're it's the same thing you're just saying correct now like i'm going to share my screen with you okay so this is known as gain framing and loss framing.

2:19Okay. So funny enough, this guy, as part of this class, he sent a survey before he taught our class. And this guy does like a lot of M &A deals. He's a professor at the London School of Business. So check this out. Do you see my screen? Yes. So you can see version ones over here. So you pick plan A, right? So 62 % of people pick plan A when it's a gain, when it's framed as a gain. But when it's framed as a loss, 73 % of people pick plan B. Wow. Yeah. And so a certain amount of people got this one. The wording has phrase is correct. Let me read it for everyone who can't see it. Plan A and version one is the plan will save one of the three power plants.

3:00We're just going to call them power plants and 2000 jobs. Okay. That's 62 % of people will pick that version two for same plan. A this plan will result in the loss of two of the three power plants and 4 ,000 jobs. I would still pick that because it's like, you're still going to save 2 ,000 jobs no matter what. Well, plan B in version one was this plan has a one third probability of saving three power plants and all 6 ,000 jobs, but has a two thirds probability of saving no power plants and no jobs, which means 66 % chance that everyone loses their job and none of the power plants are around and we need power.

3:43And version two for plan B is this plan has a two thirds probability of resulting in the loss of all three power plants and all 6 ,000 jobs, but has a one third probability of losing no power plants and no jobs. It's the same thing, it's just how people are framing them. Correct. And so how you frame things is really important with your marketing, your messaging matters at the end of the day. And you might think you have a lot more control than you do as a consumer, but you don't because this stuff is happening to you all the time. And so Neil, you as a going through this exercise, half the class got version one, half the class got version two.

4:21So you wouldn't have seen both versions. So who knows what you would have chose with the second one, right? If I only gave you that one, who knows? So I think I would have chosen version a for both of them. Here's what I'll say. Let me add one more thing here. We'll add in some more influence hacks here. So you want to know why I think the framing, not necessarily off. If you look at version two, it says for plan a, this plan will result in a loss of two of the three power plants and 4 ,000 jobs. A lot of people aren't good at math. They just looked at it. I think a lot of people looked at it as there's a loss of 4 ,000 jobs.

4:57And if you look at this, most people would not assume or know right away. I'm taking a guess here that 2 ,000 jobs would be saved. If you only got version two plan A, the assumption is this 4 ,000 people are losing their jobs and that's it. No one, he's not actually clearly saying that 2 ,000 people will keep their job. Who knows, man. All I know is he, it's a little biased. You get what I mean, right? It's just like, depending on how you frame things, keep in mind the big lesson I would get here. It's not about framing a gain or a loss. I think a lot of people are just terrible at math. So if you don't break things down in a way that people can easily understand and you're not doing the math for them, you're not going to do it as well.

5:36Funny enough, he actually said that. He said that. So let me scroll down. I'm going to share one more here. And there's a lot of stuff from this class. This is the one that I enjoyed the most, this class. So Neil, you want to read this one off? Imagine you're shopping for a dinnerware set and there is a sale at a local store where dinnerware sets are sold. You have chosen to buy the luxury line of a dinnerware set. Please indicate below the maximum price you're willing to pay for the following dinner set. Dude, the text below is too small for me to read. Okay, here, I'll read it. Okay, so funny enough, so Neil, let me ask you this.

6:12You can choose between buying two luxury sets of dinnerware, okay? So the first set is you get 24 pieces, okay? And the dinner, you get eight dinner plates, all in good condition. You get eight soup bowls, all in good condition. You get eight dessert plates, eight, all in good condition. What are you willing to pay for this? $1. I don't want to spend a lot of money. Oh my God. Okay. Useless. All right. The second option. Okay. So$8. So I'm getting 24 pieces in essence, right? All in good condition. Yeah. So for the 24 pieces, I don't know. I'll pay, call it$2 a plate. I'll do a hundred bucks. I'll round.

6:49I'll give you a hundred bucks. Let's say a hundred bucks. Really nice. Cause you're saying this is luxury quality, right? Yep. Yep. Yep. Okay. Next one. So luxury set. Now you get 40 pieces, Neil. So you get the same 24 all in good condition, but you get eight cups. Two of them are broken and you can also get eight saucers. Seven of them are broken. How much are you willing to pay for this one? First one's a hundred bucks. I probably would pay like 110, 120. Okay. Yeah. You're not a normal person. So usually what happens. You want to pay a hundred bucks as well. And I would say, hey, it's broken.

7:20Give me a discount and get more for my money because the original 24 is all in good condition. I really would try to try to convince the seller to give me a discount. And the reason being is I'm like, hey, the set's messed up. I can't use it all. And I don't really have eight people coming to my house all the time. I have no more than six. And I'll try to get that thing for$50 and get half off. Okay. Not everyone's a Neil Patel negotiator. Okay. Let me read this line over here. I know we can get to the key takeaway here. So when making an argument, the strength of that argument is only as strong as your weakest link.

7:51So again, I want to give credit to this guy, Nero Siva Nathan, I believe is his name. So again, credit for me. I'm the one who got the best deal. I got half off. You got the deal, dude. Okay. First of all. Okay. So let's go back to this. When making an argument, the strength of the argument is only as strong as your weakest link. So if I tell you all these amazing things about this house that you're going to buy in Beverly Hills, and then, but then there's, there's like three other things that stick out. Oh, by the way, there's like someone that comes in and takes a crap on the floor every Friday.

8:18You didn't need to add that part, right? So the point is you want to only add in the strong pieces of evidence to strengthen your argument. And all the other stuff, you can just leave it out. Yeah, I get it. Because anytime you're talking about bad things, people give massive discounts. And in essence, what you want to do is just talk about the good things. And if there's other things like broken plates or broken cups, but some cups are good. Instead, you'd be like, oh, you're also getting these six cups for free. You're getting these five X for free. He's still charged for the 24 pieces that are in pristine condition.

8:54You just throw in the other stuff for free. You want the flip side here? So here's the flip side. So what we're saying here is quality of argument trumps quantity of arguments. Okay. That's a note that I put here. So you don't want to dilute away from your strongest arguments. Focus on the key few. Now, if you need to call out the negative points, dilute it with a lot of negative points. So, Neil, let's say I'm selling you Cialis, right? And if I'm selling you Cialis, if I'm running an ad, you know at the very end of the ad, it's like side effects might include heart attack, stroke, da-da-da-da-da-da-da-da.

9:25It's like 30 different things. And they say it so fast on these pharmaceutical commercials where you can't even hear all the side effects. Side effects may include, they give you like the three or four biggest ones, and then on the screen is a list of like another like 50. at that point it's like whatever what is the pro that this drug does and does it solve the problem now if i sold you and i said side effects include heart attack and stroke what would you say like nothing right so anyway that is the value of this event it was a great event use these influence hacks check out what two things and congrats to eric he got a certification from mit for completing the course.

10:03So congrats, Eric. I know you spent many, many years to get that degree. The last part is make sure you rate review this podcast. We need more five-star ratings. It works. It's great. We love it. And it helps us get more traffic and listeners. And we appreciate everything that you guys are doing for us. And hopefully we can keep giving you guys more and more back, more great knowledge, more great education that helps your businesses and your marketing grow. And the more five-star ratings we get, the more dopamine hits we get. And that makes us want to continue to do these. Thank you. I'll see you later.