Introduction
Businesses across the world always strive to use advertising in a bid to assist consumers to make the right choices. They utilize advertising, messaging, marketing, and other effective strategies to influence consumers in decision making and consumer perceptions. Notably, Barry Schwartz in the video ‘The Paradox of Choice’ is simply acknowledging the idea that, consumer attention is a valuable and scarce resource. Whenever presented with numerous choices, they find it impossible to make the right choice, and they end up getting confused. In the ensuing discussion, the focus is to analyze the video by Barry Schwartz and address its importance to marketers, its significance in clarifying and strengthening some issues, and the way the information can be used in a marketing situation.
Identification of the Video and Speaker
Barry Schwartz presented the video ‘The Paradox of Choice’, which appeared on TED Talk. TEDTalk features some of the best talks from TED conference, where great thinkers such as Schwartz are given a platform to give live talks touching on their lives. A psychologist by profession, Barry studied the freedom of choice, in regards to the consumer. He observes that, choices have not made humans freer, but more paralyzed, and dissatisfied instead of being happier (Struhl, 2017). Using his personal experiences of how he went to buy a pair of jeans, the speaker demonstrates that, he ended up less satisfied because he was given so many choices and none appeared perfect (TED, 2007). He concluded that, the more choices people have, the less satisfied they are likely to be. In the video, he reminds his audience that, by having many choices, their expectations go up, but they end up getting depressed, hurt, and frustrated.
Delegate your assignment to our experts and they will do the rest.
Importance of Information Contained in the Video to Marketers
In view of the video, the information being relayed is applicable in the marketing situation. Marketers can find means of ensuring it is integrated in their strategies. According to the speaker, when customers are given only two choices, they stand 50% chance of identifying the right product. However, when they are given five choices, then they stand 20% chance of making the right choice. This knowledge is useful to marketers, because they can understand perfectly, the appropriate way of displaying their products to targeted customers, structure their product lines, and identify the best market to sell their merchandise (Struhl, 2017). The marketers can equally put the odds in their favor, and thrive in the knowledge that, a simple approach such as positive reinforcement is likely to improve the experience customers have of choosing products.
A clearer statement and equally significant to marketers is that, by offering more choices in a bid to please the customer can backfire quite badly. By so doing, they are simply crossing the line and turning off consumers. In often cases, the narrative being run by the video is against the way of thinking especially in product development (TED, 2007). Whenever marketers see clients asking for specific features or styles, and see them opt for a similar product from their competition, they conclude that they should offer goods that fit what they need. They want to ensure every client is satisfied. However, when approached from a logical perspective, consumers end up with numerous variations and as such, it becomes difficult to choose, and marketers equally find it difficult to convince them to buy the product.
A Statement as to why that Information is Important
The information presented in the video is important because it strengthens the consumers in way of making the right choice and remain sane amidst all the confusion caused by overflowing choices. According to Barry, one sure way of managing this confusion is to decide on the choices that really matter, and focus energy and time towards that (Struhl, 2017). Other choices that do no matter should be deprived off attention. He advises that, consumers should reflect on the decisions they have made recently regarding certain things such as clothes, vacation destinations, and job among others. By so doing, they will manage to determine the costs associated with the decisions they made, and as such, they will come up with a rule of thumb regarding the number of options they should consider whenever making a choice.
The video is significance because it clarifies that the ‘secret to happiness is having low expectations.’ According to Barry Schwartz, the world is experiencing an influx of depressed individuals and increased cases of suicide, because people have high expectations, and they are always blaming themselves for being unable to make the right choice of something, while they had so many choices in the first place (Struhl, 2017). Notably, it does not mean that the expensive and complicated choices are not helpful, but they actually hurt and make people worse. In that sense, if only the world can have fewer choices, humanity life will improve and individuals will not have to get worried about the choices they make (TED, 2007).
Using the Information in a Marketing Situation
In summary, the information in the video indicates that, clients undergo stress, because they are bombarded with too many choices. The stress emanates from the act of reconsidering the choice made, from a missed opportunity perspective. Such reconsideration often has an impact on consumers, on the satisfaction they might encounter from their decision. In a marketing situation, the paradox is even more applicable when it comes to online marketing (Struhl, 2017). Marketers might think that, online shopping would be appropriate with numerous options, given that clients can filter and narrow down their choices to a particular product. However, going by expert advice offered by Barry Schwartz, marketers should consider reducing the choices and this will affect customers positively in that, it will help improve on the quality of decision they make. Reducing choices will make the process of purchasing a good or service less stressful for targeted customers, and they will be more satisfied with the decision, even after making the purchase (Struhl, 2017). By taking this approach, sales are likely to increase. Actually, marketers should create an environment that offers consumers with enough, as opposed to too many choices. They should strive to create filters that clients find easy to use. Online marketers should ensure the website and the filters are informative, logic, and simple. A complex website with too many buttons and menus will only cause customers confusion, and psychological distress. Too many graphics will only distract the client from the product.
Summation
In summation, The Paradox of Choice’ by Barry Schwartz is a confession that, too many choices do not always mean freedom. They are harmful, and end up hurting individuals for no reason at all. A psychologist by profession, Schwartz is calling upon marketers to always given consumers lesser choices, to avoid confusing them, which often leads to one making the wrong choice of a product. By so doing, they will establish ways of displaying their products to clients and know that a simple reinforcement goes a long way in improving client experience. The information is significance as it reminds the client that, the secret to happiness is low expectations, and people end up depressed and suicidal for having high expectations. Finally, in a marketing situation, marketers should aim at reducing choices to enable clients feel more satisfied with the product or service they have paid for.
References
Struhl, S. (2017). Artificial intelligence marketing and predicting consumer choice: An overview of tools and techniques. London: Kogan Page Limited
TED (2007). The paradox of choice | Barry Schwartz. Retrieved from <https://www.youtube.com/watch?v=VO6XEQIsCoM>
