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Communicating value with Simon Russell – Behavioural Finance expert

 

I had a fabulous conversation with Simon Russell a behavioural finance expert, where we chat about the roles of language, personalisation, and price to communicate the value of professional services.

We touched on why expensive wine tastes better and why the drawers from Ikea seem more valuable because of the effort you put into constructing them.And we discuss how financial advisers, super funds, real estate executives, and others can apply these principles when communicating with their clients and members.

We also cover: 

  • What prevents people from doing things today to benefit their future self (such as saving for retirement, losing weight, eating healthier, etc.) and how to make it easier.
  • Why people look for shortcuts when making decisions and how to make these shortcuts valuable.
  • How you can take advantage of the higher ‘perceived’ value people place on things that seem difficult or harder work.
  • How much effort should you expect from someone at the start of a relationship to keep them keen.
  • How often you can ‘nudge’ a client to do something before it looks like you’re trying to sell them something.
  • Why people are more influenced by advice they pay for over advice that’s free.
  • How you can use anchors to position your price, so the value is clear.

If you prefer to listen to the AUDIO only, please click here.

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