Thomas from Ariyh - 🎓 Privacy guarantees reduce sales
🎓 Privacy guarantees reduce salesPrivacy policy notices hurt trust - instead of increasing it - when they are excessively formal and legal-sounding. Lower trust reduces sales.New to Ariyh? Join 9,330 evidence-based marketers for 3min practical insights 💡 from scientific research 🎓 to get better marketing results 📈 Today’s insight is brought to you by… The Marketing Plan Formula Marketers, A long-term, meaningful, and highly compensated career in marketing is about strategies that deliver results. Strategies reverse-engineered from data, not guesswork, that slash costs, and produce results in 90 days or less. The Marketing Plan Formula is a simple framework that solves the marketing puzzle. Giving you the confidence, knowledge, and skills to create meaningful growth for a company (with the comp and respect to match). Want to sponsor Ariyh? Here’s all you need to know. 📝 IntroImagine. You sit down at a cozy neighborhood café to enjoy a nice breakfast. You take a seat by the window and notice a big sign on the glass:
(Actual bulletproof glass description, by the way). Would you feel more relaxed, or would you freak out and get out of there as fast as possible? Why would this relaxed little cafe even have bulletproof glass? And why are they so keen on telling me about it? While not so extreme, privacy notices on websites can have the same effect. Let’s take a look at this new study from Utah State, Ohio State, and Harvard University. P.S.: Wow, already 367 sales of Ariyh’s first ever Playbook, the Playbook of Pricing & Promotions. Thank you for all your support with the launch! I’m very happy with the initial feedback I’ve been receiving. Let me know how you use it to boost your profits 🙂 Previous insight: Unintentional offers are more attractive (100+ more insights here) Formal privacy policy notices hurt trust and reduce salesImpacted metrics: Customer acquisition 📈 RecommendationWhen people are signing up on your website or app, show privacy and data protection notices that are either discreet (e.g. small link to the privacy policy) or friendly and informal (e.g. “We care about your privacy”). Avoid prominent formal notices that use technical or legalese language (e.g. “256-bit highly secure data encryption”, “Acme LLC, in compliance with GDPR and CCPA, will legally ensure…”). Unless people have a reason to distrust you (e.g. due to a high-profile data breach). How the privacy policy itself is written doesn’t matter much, since few people read it. Either way, take great care of your customer’s data. It’s the ethical thing to do, and if you don’t and something goes wrong it will destroy customers’ trust in you. 🎓 Findings
🧠 Why it works
✋ Limitations
🏢 Companies using this
Hertz is a good example of what to do. They use a simple discreet link to their Privacy Policy in their sign-up form. ⚡ Steps to implement
🔍 Study typeOnline experiments and field experiment (on 15,864 prospective customers of Borrowell in May 2019) 📖 ResearchThe Bulletproof Glass Effect: Unintended Consequences of Privacy Notices. Journal of Marketing Research (February 2022). 🏫 Researchers
Remember: This is a new scientific discovery. In the future it will probably be better understood and could even be proven wrong (that’s how science works). It may also not be generalizable to your situation. If it’s a risky change, always test it on a small scale before rolling it out widely. Rate today’s insight to help me make Ariyh's next insights 🎓 even more useful 📈 How was today’s insight?
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🎓 Ariyh’s Pricing Playbook 📘 (+ When to use 0.99 prices)
Tuesday, April 5, 2022
It's the day! Ariyh's Science-based Playbook of Pricing & Promotions is here. Today's insight is a special extract from the Playbook: When to use just-below pricing ($.99 endings).
🎓 Unintentional offers are more attractive
Tuesday, March 29, 2022
People are more attracted to offers that seem to be given to them by mistake. Business news fans were 149% more likely to take an offer for The Economist if it wasn't meant for them.
🎓 The virtual touch effect
Tuesday, March 22, 2022
Show a hand touching your product from the viewer's point of view (eg photo of a hand holding a coffee, or a VR 'hand' interacting with a phone). Product attitudes and sales will increase.
🎓 Clickbait doesn’t work
Tuesday, March 15, 2022
People feel manipulated by clickbait headlines, so they like the content less and are 31.2% - 48% less likely to share it.
🎓 4.3 stars sells more than 4.9 stars
Tuesday, March 8, 2022
Extremely high average product ratings, between 4.5 and 5 stars, make people skeptical and generate lower sales than ratings between 4 and 4.5 stars.
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