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The Propeller – Winter Hibernation is Over, Time to Check Your Email – March 3 2024

The Secret Weapon of Successful People: Consistency

You need consistency on your side.When you’re starting something new, or when you feel like the odds are stacked against you, consistency can be your secret weapon.It wasn’t music that landed Ed Sheeran as a record-breaking artist, nor was it video production skills that made Mr Beast the most-followed creator in the world.In both cases, it was consistency that separated them from their just-as-talented peers.Sheeran played over 1,000 gigs – including many to empty rooms – before anyone took him seriously. During that time, he was honing his craft, learning what works, and slowly building a name for himself in the notoriously difficult London music scene.Mr Beast would gain fewer than 30 subscribers in his first year on the platform, and would have to wait another two years until he reached 1,000 subscribers. It was only after nearly seven years of uploading that he would cross the 1 million subscriber mark, and longer still before he became the biggest creator in the world. These are two of the countless examples of how consistency separates winners and losers.Both Ed and Jimmy weren’t good enough, until they were. Whatever your goals are, there are very few obstacles that can’t be overcome with enough consistency.If you want to change your life, consistency is the easiest way to do that.If you want to stay stuck in the same spot, inconsistency is the most sure-fire way to do that. The pathway to your goals might not be clear right now, but once you consistently start taking the right steps to reach those goals, the path will soon appear.Keep that in mind when you’re planning this week.

You’re Being Tricked

This might make you a little angry.

It’s because I’m talking about how marketers trick you into spending more money everywhere you go – both online and in person.

Some of the tricks are pretty clever and, so far, legal.

Ready to find out how businesses use psychological traps to keep you spending more money?

Buckle up.How Marketers Trick You

Marketers use subtle but clever methods to trick you into spending money. In fact, there’s a whole genre of psychological research that has uncovered what makes people spend money.

It’s pretty fascinating.

For instance, is it any surprise that most stores place toys near the bottom of the shelf (exactly where your kids will see them)? Or why soft drinks and candy bars are conveniently put at the register, encouraging impulse buys?

Product placement tricks are endless. And it’s no accident.

Here are three brilliant tricks marketers play on all of us that work too well.

The Left Digit Bias

Ever wonder why so many products end with $.99 or $.95? It’s because humans mainly focus on the left digit when we evaluate pricing.

Instead of $5.00, it’s $4.99.

Even though it’s just a penny less expensive, our psychological bias makes the $4.99 price seem much more palatable. Believe it or not, research shows most of us round $4.99 DOWN to $4.00, not up to $5.00.

Brilliant, huh?

The Center Bias

When presented with three different pricing plans, we tend to lean toward the one in the middle. In fact, this works so well that many businesses will highlight the center plan knowing most customers will choose it.

For instance, here’s Big Scoots’ pricing page for their shared web hosting plan. Notice the 155cc Plan is clearly highlighted as the one to buy. It works.

The Price Hike + Discount Combo

This is a really tricky one, and you’ll see it around Black Friday and other times of the year when people spend a lot of money.

Marketers secretly raise the price of products shortly before sales or the holidays, so the discount price seems like a better deal than it really is.

I’ll show you how this works.

Suppose a pair of shoes costs $120 most of the year. Before a sale, marketers hike the price to $150, then offer a bigger discount so customers think they are getting a screaming deal.

But does the math support that assumption?

30% off $150 sounds better than 20% off $120. Right?

20% off of $120 = $24 savings.

30% off of $150 = $45 savings.

Woot! $45 off sounds like a great discount!

But wait (and here’s where it gets super interesting).

Let’s look at the total price you’ll pay after these discounts. Don’t be surprised if this makes you juuuuuuust a bit angry.

You’ll pay $96 at the 20% off price.

You’ll pay $105 at the 30% off price.

WHAT!?

That’s right, marketers just tricked you into spending more money by:

1: hiking the price, then2: coupling it with a larger discount

Marketers are clever. And pricing strategy is a huge field of study, far more scientific than you probably thought, isn’t it?

We’re being tricked virtually everywhere we go.

FACT: In grocery stores, product placement isn’t random. On websites, pricing tiers aren’t “best guesses.” Once you learn the tricks that marketers play, you’ll be better positioned to make better decisions about the money you spend.

Tech: The Battery You Never Need To Charge

Imagine if you never needed to charge your cell phone battery.  Or having an electric car that didn’t need to stop for charging.A Chinese startup, Betavolt, has developed a revolutionary new battery. This “nuclear battery” is said to be the first of its kind to miniaturize atomic energy, offering 50 years of power generation without ever needing a recharge or maintenance.

The coin-sized battery, currently in the pilot testing stage, utilizes nickel-63 isotopes to produce electricity through a decay process. Betavolt envisions widespread applications, from powering medical devices and AI equipment to enabling perpetually flying drones and long-lasting micro-robots.

This technology builds upon prior efforts in the 20th century, where bulky and expensive nuclear batteries were developed for specific uses in space, underwater systems, and remote research stations. Betavolt’s innovation lies in miniaturization and potential for mass production.

While the initial version delivers 100 microwatts of power, Betavolt aims to increase this to 1 watt by 2025. The company emphasizes the safety and environmental friendliness of their design, claiming the batteries are fireproof, non-explosive, and operate in extreme temperatures. Additionally, they assert that the decaying isotopes eventually transform into a harmless, stable copper isotope, posing no environmental threat.

It’s important to note that this is a new technology, and independent verification and testing are crucial before widespread adoption. However, if Betavolt’s claims hold true, this “nuclear battery” could have significant implications for various industries and potentially revolutionize our relationship with long-lasting power sources.

Airplanes make everything more fun!

 

 
Have a great week!

This is re-published from the weekly email sent by Leonard Mack entitled The Propeller. To subscribe, visit https://www.LeonardMack.com/subscribe and read it every Sunday evening.

This intellectual nourishment is intended for informational purposes only. One should not construe anything herein as being legal, tax, investment, financial, or other advice.

My rule is this – I have no advice to give, only experience to share. I have no interest in being a guru or telling people what they should do. Rather, I share my own experience because there is no right or wrong. Your mileage may vary.