A true hidden gem of understanding why people buy your shit or fill out your leadgen offer. Will you spend four minutes to understand it, or bind your rationality before you even get to the end of the video and stay stupider than everyone else who does watch it?
This is a four-minute clip from Games People Play: Game Theory in Life, Business and Beyond – an awesome game theory course.
You may ask “What does bounded rationality have to do with buying my stuff or filling out my leadgen?” – Quite simply: Your prospects will apply bounded rationality with whatever you show them – they will limit the amount of mental effort they make when evaluating that landing page you just showed them. Load them with elements that are positively associated in their minds, then give them a call to action when they are tired of analyzing and you’ve got yourself a click, a sale or a lead.
This part of the 10-hour video course was an amazing “a-ha!” moment for me, because before he even finished stating the example I had shortcutted the logic and figured out the right answer would be “Zero” – which is also a bad answer; it shows I didn’t understand bounded rationality and points to a several wrong assumptions I have likely made many times before.
What was your guess on what the right number would be to win the $100?