#135: Thinking Fast & Slow (And The Reason Why Everything Is Always On Sale)

Seeking Wisdom with David Cancel

Molly Sloan

Business, Entrepreneurship

5 • 610 Ratings

🗓️ 29 October 2018

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Seeking Wisdom, DC and DG break down lessons from Daniel Kahneman’s classic book Thinking, Fast and Slow – and why this might be the most important book for anyone in sales and marketing. Topics on this episode: -Lessons from a recent outdoor ad campaign and American Eagle -Cognitive biases - Anchoring effect - The Halo Effect - What will DC be for Halloween? Before you go leave a ⭐⭐⭐⭐⭐⭐ review and share the pod with your friends! Be sure to check out more insights on the Drift blog at drift.com/blog and find us on Twitter @davegerhardt, @dcancel and @seekingwisdomio. In this episode: 1:00 – Thinking, Fast and Slow by Daniel Kahneman 1:05 – Marketing lesson from blitz billboards in San Francisco YouTube 3:13 – How to get the referral and DC’s playbook 5:20 – Why DC loves Thinking, Fast and Slow…the third degree, black belt 6:16 – Blinkist app/website for book summary 7:38 – Why this is an important book for business people 8:13 – How we make decisions 8:38 – System 1 thinking – fast, intuitive, emotional, reptilian brain (DG!) 9:15 – System 2 thinking – slower, deliberate, logical thinker, DC’s sleep on it hack 9:59 – Learning how to modulate and create guardrails for yourself in biases 10:20 – Charlie Munger and realizing you don’t have control over biases 11:15 – Anchoring Effect 12:38 – Discounting as a form of anchoring 12:56 – DC’s trip to American Eagle with his daughter 13:43 – We’re all blind to this stuff 14:25 – The Halo Effect 15:12 – Shep Gordon, the master of the Halo Effect or Light Bulb Effect 15:54 – DG’s tips to understanding the magic in marketing 16:25 – Doing the work, practicing and applying what you learn 17:24 – What is Halloween? Books mentioned in this episode: Thinking, Fast and Slow by Daniel Kahneman Influence by Robert Cialdini

Transcript

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0:00.0	All right, we're back.
0:05.0	We're back on speaking with him.
0:07.0	You got to do intro.
0:08.0	This is your show, man.
0:10.0	It's weird because G2 here upgraded the mics here.
0:13.0	We're far away.
0:14.0	We're not used to being close so you can see our faces.
0:16.0	I don't know how I feel about that.
0:18.0	The mics have changed, but the good news is that we're still talking about me being in Europe which is good it's good it's never gonna end
0:24.5	that that's the gift that keeps on giving forever DC text me anyway text to me the day
0:29.6	he said some about your three and a half weeks as each day passes it three and a
0:34.6	half weeks in Europe all right so by popular demand're going to do an episode on one of our favorite books we've never talked about. But I saw you... We're going to talk about a book. Oh, awesome. You talk about this book a lot, and you have talked about a lot recently, and so I said, you know what, let's do an episode on this. Somebody actually suggested it. So we're going to talk about thinking fast and slow today. Daniel Connaman. By Daniel Connaman.
0:37.6	I want to show something. said, you know what, let's do an episode on this. Somebody actually suggested it. So we're going to talk about thinking fast and slow today.
0:56.0	Daniel Conneman.
0:56.5	By Daniel Conneman.
1:12.2	I want to show something. I want to teach people. I want to share a lesson really quickly. What kind of lesson? Marketing lesson? I want you to teach a marketing lesson. So this fall, we did a bunch of display ads. You're missing out because DG is showing us up to go to YouTube subscribe to drift yeah g2 needs subscribers and you'll see what he's holding up here and so we do a video version of the
1:18.5	podcast there he's holding up something that came in the mail today came in the mail today this is
1:23.4	pictures of these ads that we did across San Francisco for the last probably 60 days.
1:29.0	Yep, billboards.
1:24.9	Great present, right? Because, you know, you want to... Amazing photos. Stroke the Eagle. Look at that. Look at that. Bus shelters. We had a double-decker bus. IKEA Association right there. A train. Wow, the IKEA. I didn't even think of that. in the train station,
1:25.9	fourth in market,
1:27.4	bunch of bus shelters.
	...

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