Comments on: 3 Reasons You Shouldn't Sell Your Legal Services On Price http://www.attorneysync.com/blog/3-reasons-you-shouldnt-sell-your-legal-services-on-price/?utm_source=rss&utm_medium=rss&utm_campaign=3-reasons-you-shouldnt-sell-your-legal-services-on-price Attorney SEO, Web Design, Internet Marketing Sun, 05 Feb 2012 17:47:13 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: AttorneySync http://www.attorneysync.com/blog/3-reasons-you-shouldnt-sell-your-legal-services-on-price/#comment-4301 AttorneySync Tue, 17 Nov 2009 16:29:17 +0000 http://lawyermarketing.attorneysync.com/?p=2065#comment-4301 Kevin- Thanks so much for the comment, great addition to the post. Kevin-

Thanks so much for the comment, great addition to the post.

]]> By: Kevin http://www.attorneysync.com/blog/3-reasons-you-shouldnt-sell-your-legal-services-on-price/#comment-4300 Kevin Tue, 17 Nov 2009 16:05:57 +0000 http://lawyermarketing.attorneysync.com/?p=2065#comment-4300 Baba Shiv, a neuroeconomist at Stanford, supplied a group of people with Sobe Adrenaline Rush, an "energy" drink that was supposed to make them feel more alert and energetic. (The drink contained a potent brew of sugar and caffeine which, the bottle promised, would impart "superior functionality"). Some participants paid full price for the drinks, while others were offered a discount. The participants were then asked to solve a series of word puzzles. Shiv found that people who paid discounted prices consistently solved about thirty percent fewer puzzles than the people who paid full price for the drinks. The subjects were convinced that the stuff on sale was much less potent, even though all the drinks were identical. "We ran the study again and again, not sure if what we got had happened by chance or fluke," Shiv says. "But every time we ran it we got the same results." Why did the cheaper energy drink prove less effective? According to Shiv, consumers typically suffer from a version of the placebo effect. Since we expect cheaper goods to be less effective, they generally are less effective, even if they are identical to more expensive products. This is why brand-name aspirin works better than generic aspirin, or why Coke tastes better than cheaper colas, even if most consumers can't tell the difference in blind taste tests. "We have these general beliefs about the world⎯for example, that cheaper products are of lower quality⎯and they translate into specific expectations about specific products," said Shiv. "Then, once these expectations are activated, they start to really impact our behavior. This blog is called The Frontal Cortex, and it delves into how we decide. It is at http://bit.ly/3ZEo06. I urge you to subscribe if you want to learn more about how our clients (and ourselves) make decisions. I learned about it from a fantastic book called “How We Decide.” Baba Shiv, a neuroeconomist at Stanford, supplied a group of people with Sobe Adrenaline Rush, an “energy” drink that was supposed to make them feel more alert and energetic. (The drink contained a potent brew of sugar and caffeine which, the bottle promised, would impart “superior functionality”). Some participants paid full price for the drinks, while others were offered a discount. The participants were then asked to solve a series of word puzzles. Shiv found that people who paid discounted prices consistently solved about thirty percent fewer puzzles than the people who paid full price for the drinks. The subjects were convinced that the stuff on sale was much less potent, even though all the drinks were identical. “We ran the study again and again, not sure if what we got had happened by chance or fluke,” Shiv says. “But every time we ran it we got the same results.”
Why did the cheaper energy drink prove less effective?
According to Shiv, consumers typically suffer from a version of the placebo effect. Since we expect cheaper goods to be less effective, they generally are less effective, even if they are identical to more expensive products. This is why brand-name aspirin works better than generic aspirin, or why Coke tastes better than cheaper colas, even if most consumers can’t tell the difference in blind taste tests. “We have these general beliefs about the world⎯for example, that cheaper products are of lower quality⎯and they translate into specific expectations about specific products,” said Shiv. “Then, once these expectations are activated, they start to really impact our behavior.

This blog is called The Frontal Cortex, and it delves into how we decide. It is at http://bit.ly/3ZEo06. I urge you to subscribe if you want to learn more about how our clients (and ourselves) make decisions. I learned about it from a fantastic book called “How We Decide.”

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