Mortgage Leads - The Best Way To Ruin A Good Idea Is To Ask People What They Think
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The fastest way to ruin a good idea is to ask people what they think of it. In this episode Alex Curtis and Stephanie go through the businesses that would never have existed if they had listened to their own market research, and what that means for the way advisers test their marketing.
Red Bull: a smaller can, more expensive than Coke, and it tastes worse. No survey would ever have approved it, and it built a business that owns Formula One and football teams off one product.
Domino's: customers said the crust tasted like cardboard, so the answer should have been the recipe. The biggest sales jump came from the 30 minute guarantee and the pizza tracker, because the real blocker was not knowing when the food would arrive. Same reason Uber worked, you can see the car coming.
Apple, Dyson and Porsche get the same treatment: business people wanted a physical keyboard, nobody said they wanted to see their own dirt, and Porsche were told an SUV would ruin their heritage. The Cayenne became their best selling car.
What we cover:
- Why asking for an opinion pushes people into slow, analytical thinking, when almost every real buying decision is instinct
- The mental pairings that drive those instant decisions: if other people use it, it's safe; if it's expensive, it must be good
- The air fryer example, and why the cheapest option does not win
- Why you should never ask friends or family whether they like your social post, website, logo or email signature. If they say yes it probably won't work, and if they say it's a bit weird you probably won't post it
- From coupons to analytics: direct response marketing measured with mail order coupons, and how reach, watch time, on-page engagement and leads do the same job now with better data
- Why trial and error beats opinion, and why the most bonkers tests are often the ones that work
If you want to know whether an idea is any good, stop asking and start measuring.
Brought to you by the team at The Lead Engine who specialise in generating mortgage leads.