how many choices you make in a typical day
i recently did a survey with over two thousand americans
and the average number of choices that the typical american reports making is about seventy in a typical day
only about twelve percent of the decisions did they make an hour or more of their time
think about your own choices
do you know how many choices make it into your nine minute category versus your one hour category
today i want to talk about one of the biggest modern day choosing problems that we have
which is the choice overload problem
i want to talk about the problem and some potential solutions
now as i talk about this problem i 'm going to have some questions for you and i 'm going to want to know your answers
i used to love going to this store
and he pointed to the busloads of tourists that would show up everyday with cameras ready usually
we decided to do a little
we there put out six different flavors of jam or twenty four different flavors of jam and we looked at two things
more people stopped when there were twenty four about sixty percent
now we see the opposite effect
of the people who stopped when there were twenty four only three percent of them actually bought a jar of jam of the people who stopped when there were six
well now we saw that thirty percent of them actually bought a jar of jam
now if you do the math people were at least six times more likely to buy a jar of jam if they encountered six
but it turns out that this choice overload problem affects us even in very consequential decisions we choose not to choose even when it goes against our best self interests
all in the u s
when there are more choices present
even then it has negative consequences
so for those people who did choose to participate the more choices available the more likely people were to completely avoid stocks or equity funds
the more choices available the more likely they were to put all their money in pure money market
simple techniques
techniques that we have tested in one way or another in different research venues that you can easily apply in your businesses
there 's a lowering of costs there is an improvement of the choosing experience
a function of both increase in sales and lowering of costs
largest retailer
now in the financial savings world i think one of the best examples that has recently
those people who actually want to choose
they 're given twenty funds not three hundred or more funds
you know often people say i don 't know how to cut
and the first thing i do is i ask the employees tell me how these choices are different from one another and if your employees can 't tell them apart neither can your consumers
to offer people in this audience an all expenses paid free vacation to the most beautiful road in the world
that it was more real the second time around
because the pictures made it feel more real to you
which brings me to the second technique for handling the choice overload problem which is concretization
and that the consequences need to be felt in a vivid sort of way in a very concrete
a credit card as opposed to cash because it doesn 't feel like real money
the one little thing we added
by doing that simple thing
so for example
here 's a study we did in a magazine aisle
the magazine aisles range anywhere from three hundred and thirty
one different kinds of magazines all the way up to six hundred and sixty
versus i show you four hundred magazines and divide them up into twenty categories
you believe that i have given you more choice and a better choosing experience if i gave you the four hundred than if i gave you the six hundred
because the categories tell me how to tell them apart
car colors exterior car colors i 've got fifty six choices
they go from low choice to high choice they 're hanging in there it 's the same information
it 's the same number of choices the only thing that i have done is i have varied the order in which that information is presented if i start you off easy i learn how to choose
so let me recap
cut get rid of the extraneous alternatives concretize make it real
all of these techniques that i 'm describing to you today are designed to help you manage your choices better for you you can use them on yourself better for the people that you are serving because i believe that the key to getting the most from choice is to be choosy about choosing
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