A word from a CEO #81

by Basilis Kanonidis

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The Lollapalooza effect

Hi all –

In order to win, especially in this challenging climate, you must be able to answer why now, and why you – why people should start using your product or service now, and why they should choose your company over every other competitor.

Decision-makers fall into four categories:

  1. Practical: Responds to logic, can’t be pressured, makes rational decisions
  2. Action-oriented: Responds to scarcity, time running out, makes quick decisions
  3. Social: Responds to social proof, follows others, doesn’t want to be left out
  4. Emotional: Responds to photos of people

That means, in order to win, your marketing, your customer communication, your demos, and everything else, has to be prepared for and hit on all four personality types. If you do this effectively, you’ll get multiple psychological biases to work in the same direction.

Charlie Munger calls this the “Lollapalooza effect.”

Amazon does a great job of appealing to all four categories. If you look at the Amazon product detail pages, they have practical information, social proof, emotional cues, and triggers for action-based decision-makers. They have an answer for everyone – and a reason why every decision-maker would want to buy that particular product.

At Drift, instead of choosing between doing one thing or another, we often say “do both.” In this case…make it all four.

That is how you win.

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