Posts tagged "David Greenwood"

Product Gems 2: 109 Science Experiments That Demonstrate How to Build Products People Love

How Labour Leads to Love

January 11, 2019 Posted by Excerpts 0 thoughts on “How Labour Leads to Love”

When instant cake mixes were introduced in the 1950s as part of a broader trend to simplify the life of the American housewife by minimising manual labour, housewives were initially resistant. The mixes made cooking too easy, making their labour and skill seem undervalued.

Learning this, Betty Crocker, one of the leading manufacturers of mixes, changed their recipe to require adding an egg. This simple change caused sales to skyrocket. Infusing the task with labour appeared to be a crucial ingredient in the product’s success.

When people create products with their own labour, their effort increases their perception of the end product’s valuation. And while some labour is enjoyable and allows for product customisation—both of which might increase valuation—research suggests that labour alone can be sufficient to induce greater liking and value associated with the results.

Excerpt from: Product Gems 2: 109 Science Experiments That Demonstrate How to Build Products People Love by David Greenwood

Product Gems 2: 109 Science Experiments That Demonstrate How to Build Products People Love

On the Power of Uncertainty to Increase Investment

January 9, 2019 Posted by Excerpts 0 thoughts on “On the Power of Uncertainty to Increase Investment”

More than 22 million UK citizens, about one-third of the population, have invested over £68 billion in premium bonds despite the interest rate they offer is well below that offered by other savings products. The reality is, unless you win one of the very large prizes, you will be worse off holding premium bonds than investing elsewhere.

So why are they so popular? It’s down to uncertainty. Uncertainty creates more positive, exciting experiences. We get excited by the unknown. Uncertainty increases one’s investment of effort, time, and money in pursuing rewards—even when the outcome is likely to be worse than more certain alternatives.

Excerpt from: Product Gems 2: 109 Science Experiments That Demonstrate How to Build Products People Love by David Greenwood

Product Gems 1

On the Power of Doing Good to Boost Sales

January 7, 2019 Posted by Excerpts 0 thoughts on “On the Power of Doing Good to Boost Sales”

In the mid-1990s, there was a shortage of organic cotton—cotton that Patagonia relied on to make its products. While other companies might source non-organic alternatives in the interim, Chouinard’s’ response was “if we have to be in business using an evil product like traditionally grown cotton, we don’t deserve to be in business”.

The big ‘a-ha’ for Chouinard was that you could do something good for the environment that was also good for your business. Patagonia became California’s first B Corporation in January 2012. At the time, the company was turning over $600m in annual revenues and employed around 2000 people.

Patagonia continues to donate 10% of its profits to small-scale environmental campaigns where $10,000-$15,000 can make a real difference. Their Worn Wear initiative encourages the repair, recycling and resale of garments. The company once took a full-page advert in the New York Times with the tagline: “don’t buy this jacket, unless you really need it”.

Excerpt from: Product Gems 1: 101 Science Experiments That Demonstrate How to Build Products People Love by David Greenwood

Product Gems 2: 109 More Science Experiments That Demonstrate How to Build Products People Love

Product Gems 2: 109 More Science Experiments That Demonstrate How to Build Products People Love

January 4, 2019 Posted by 0 thoughts on “Product Gems 2: 109 More Science Experiments That Demonstrate How to Build Products People Love”

Product Gems 2: 109 More Science Experiments That Demonstrate How to Build Products People Love

Product Gems 2: 109 More Science Experiments That Demonstrate How to Build Products People Love

By David Greenwood.

Product Gems 1: 101 Science Experiments That Demonstrate How to Build Products People Love

Product Gems 1: 101 Science Experiments That Demonstrate How to Build Products People Love

January 4, 2019 Posted by 0 thoughts on “Product Gems 1: 101 Science Experiments That Demonstrate How to Build Products People Love”

Product Gems 1: 101 Science Experiments That Demonstrate How to Build Products People Love

Product Gems 1: 101 Science Experiments That Demonstrate How to Build Products People Love

By David Greenwood.

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