How do you choose which product to buy?
This is one of the most important questions in business because, if you understand how you make decisions…
… then you can better understand how your customers make decisions about your company.
Then I will show you how to appeal to both of these decision styles to make more sales and get happier customers.
Take the Quiz
Want to know if you are a maximizer or satisficer? You’re in luck.
I’ve created a simple six-question quiz which is actually backed by research and should only take you about 45 seconds to complete.
If you want to know if you have more maximizing or satisficing tendencies, take the Maximizer or Satisficer quiz.
Content That Didn’t Make it Into the Video:
This video is jumpier than usual because a helicopter ruined a bunch of our audio so I had to cut out a whole section about how to live a happier life.
This makes me sad because I believe that running a business is one of the easiest ways to improve your life for the better.
With that in mind, I’m going to give you the quick and dirty on the subject simply because understanding when to maximize and when to satisfice has changed my life.
Three Strategies I Use to Make Happier Decisions
Because maximizing is so mentally taxing, time-consuming, and often leads to less satisfing decisions, I’ve implemented three quick and dirty rules on when I should satisfice or maximize.
- If something is under $30 and isn’t vitally important, I now force myself to satisfice and choose the first acceptable solution instead of the optimal solution.
- Example: If I’m out to dinner, I’ll often pick the first item that looks good then close the menu. This saves me from ordering a steak and saying, “I wish I’d gotten the fish.”
- If something is under $200, I look for three comparable items that meet my baseline needs, then I choose the one that has the better overall Amazon rating. (I also glance at the reviews to make sure the 1-stars aren’t just crybabies.)
- If something is over $200. I first frame my decision by writing down what I should be optimizing for then I maximize.
- Example: When buying flights, I’ve learned that optimizing for price often leads to long layovers and time wasted. So, now, when buying flights I maximize for “ease.” (I abhor layovers.)
These three simple rules help to save me brain cycle (which is actually a commodity you should be worried about) and time, thus allowing me to live a happier life.
A Question for You
What are your hacks for saving mental energy? Share them in the comments below.
If we get at least 30 comments on this post, I’ll update this post with my hacks for making decisions at $1000 and beyond.