Another Excuse Newsletter

Welcome back to the Another Excuse Newsletter. It isn’t just another excuse, but a reason to start that thing you’ve been putting off.

If you’re getting any value from this newsletter, please share it with one person. It’s so helpful for growth! Thank you 🙏

What to expect this week:
👓Perspective - Peace of Mind
🔨 Tool - Partiful
🍿Consume - Regret
📖Concept - Price Anchoring

Latest Podcast Episode

Today’s episode is with Michael Aylward. Mike founded a company called FantasyGo, a fantasy sports app with weekly cash prizes built into the platform. They're launching in August and he runs us through the highs and lows to get to this point.

In this episode, we discuss:

• How FantasyGo works

• Coming up with business ideas

• The outcome of your life is up to you

• Hiring intelligently

• Work culture

• Mentors

• And their R15,000 launch competition

You can check out the episode here.

Perspective

Peace of Mind

When making decisions, we naturally include the costs of that decision.

We weigh up the benefits and the negatives and decide whether we want to proceed.

We do it so often that we don’t even notice we’re doing it when deciding.

Financial and time costs are easier to grasp. We know how much things cost when buying them and usually know how long things take to complete.

The benefits are less quantifiable, but it usually comes down to enjoyment and experience.

If the costs seem worth the enjoyment, then we go ahead and do it.

But one aspect of the equation that we don’t consider enough is peace of mind.

Have you ever thought about how important peace of mind is to you?

Some value it more than others, but not having it comes at a cost. A cost that we don’t consider when making decisions.

As I said, some value it more than others, but take it into consideration next time you're deciding on something.

It could influence whether you do it and possibly for the better.

Just a thought.

I’ll be considering it more going forward.

Tool

Partiful

Remember Facebook Events?

That used to be the number one solution to any and every event.

It was great.

You could create an event very easily, invite friends and friends of friends and you could see who was going and who wasn’t.

But no one uses facebook any more.

So that’s where Partiful comes in.

It’s basically Facebook events. You can create an event and invite people to it. You can sell tickets to the event on the platform and you can see who has RSVP’d.

The Facebook feature was so useful it’s no surprise that a separate app has been created to tap into the Gen-Z market.

This is becoming a common trend, where apps with great use cases are being recreated to target a younger demographic.

Give it a go, if you’ve got an event coming up.

If you’re a bit older, it will bring back memories of those events from back in the day.

Consume (Read / Watch / Listen)

Regret

I find the topic of regret fascinating.

It’s extremely difficult to quantify, and people feel different levels of it while making similar decisions.

I came across this research paper titled The Experience of Regret: What, When, and Why by Thomas Gilovich.

In it, he explores the patterns of experiencing regret.

He looks into whether our actions or errors generate more regret in the short term; and whether our inactions or errors produce more regret in the long run.

It really puts things into perspective and may even motivate you to take more action, so you don’t have many regrets later on in life.

It’s not that long, but it does have small text, so I’d urge you to push through and give it a read.

Let me know what you think.

Concept

Price Anchoring

Price Anchoring is a psychological pricing tactic you fall for, even if you know about it.  

There are many ways to incorporate it into how you price your products.

How does it work?

The just of it is, you use the price of one of your products to influence how the consumer values the rest of the products.

Let’s look at some examples.

Course sellers may offer a 1-on-1 call or course with them. They value that at $20,000 say.

Now, you’re thinking, there’s no way I’ll pay that, but they must know what they’re talking about if people are paying that for their time.

So, they then offer a pre-recorded course with all of their insights and lessons for the cheap price of $200.

It’s still pretty expensive, but nowhere near $20k, so it seems more like a steal.

Another example is when we go to the movies.

There are 3 popcorn prices.

Small: $4
Medium: $7.50
Large: $8.25

Which one are you most likely to buy?

Probably the large.

For just a little more you’re getting a large popcorn.

And that’s what the cinema wants to sell more of.

If they wanted to sell more of the medium, they’d make the large, very expensive.

You get the point.

So just remember, when pricing your services, it’s never a waste of time to include that ridiculously expensive option.

It signals value and anchors their thinking to valuing the rest of your services more highly.

Pick the product you want to sell the most of and price the rest accordingly.

Thanks for Reading

Now start something!

P.S. Feedback is welcome and needed! If you’d prefer to send me an email and not respond, you can do so here: [email protected]

Check out my socials below 👇