Offering People More, Makes them want Less…………
A Behavioural scientist did a study on a Company sponsored retirement programme – There were 800,000 workers in this business
He found the more choices he offered, the less likely the employees were to enroll in the programme at all, or any of the programmes on offer
He then did a study with a Fund manager.
He found that for every 10 additional funds the company offered, the participation rate dropped almost 2%
When 2 funds were offered – participation was at 75%
When 59 funds were offered – participation was only 60%
The same with a Food offering
When 6 jams were offered 30% of people bought
When 24 jams were offered only 3% of people bought
When too many choices are made available, consumers find the decision-making process frustrating.
The burden of having too many options comes in to play
When Proctor and Gamble reduced their Head and Shoulders shampoo from 26 versions to 15 versions they had a 10% increase in sales
So, offering people less will increase your sales……….
#participative #decisionmaking #business #actioncoach #sales #businesscoaching