How to Gain the Edge in This Wacky, Irrational World

Imagine this…

You’re at the office supply store about to buy a pen for $25, and you run into ME.

Nice guy I am, I tell you I saw the same pen at another office supply store – 15 minutes down the road – for $18. 

Do you hop in your car, drive 15 minutes, and buy the cheaper pen? 

Most will say yes, according to a pair of psychologists who researched this. 

After all, you’re getting $7 off of $25 – that’s 28 percent! Right? 

Now imagine this…

You’re at the fancy clothing store, about to drop $455 on a fancy coat, and you run into me. 

Nice guy I am, I tell you I saw the same coat at another clothing store – 15 minutes  down the road – for just  $448. 

Do you hop in your car, drive 15 minutes, and buy the cheaper coat? 

Most would say no, the researchers said. 

Those shoppers must be thinking: $7 off $455. Why bother? 

But here’s the thing…

“The only question you should ask yourself in these cases is whether the trip across town, and the 15 extra minutes it would take, is worth the extra $7 you would save. Whether the amount from which the $7 will be saved is $10 or $10,000 should be irrelevant.” 

So says Dan Ariely in his book, Predictably Irrational. 

(Great book! We’re reading it this month in The Mastermind Book Club. More below.)

We humans fancy ourselves rational beings. 

We’re not — at least not always. 

The good news: Humans are PREDICTABLY irrational, Ariely says. 

Those who can predict
irrational behavior
have an edge. 

When you understand how others behave, you can be a more persuasive marketer and leader. You understand your prospects, clients, and coworkers. You build stronger, mutually beneficial relationships. 

That’s why I read Predictably Irrational every few years. And that’s why Ted Prodromou and I chose the book for the Mastermind Book Club. 

In this video, Ted and I discuss the book and invite you to join us in the club…

More about the Mastermind Book Club

Every month, Ted Prodromou and I choose a book for club members to discuss. The club is free to join. Here’s a link to join.

You can read the book – but only IF YOU WANT TO.

In the MBC community, members will share short videos, blog posts, and other conversation-starters. 

You can comment and participate in any conversation you choose…

…or you can start your own post/conversation. 

On the fourth Thursday every month (tomorrow), we gather online for a Book Club meeting.

The idea: 

✓ Share insights drawn from the book.

✓ Discuss how to apply those insights to improve your business.

✓ Celebrate success as you or other members implement 

✓ The key word above: IMPLEMENT.