94% said they buy, only 1/3 did
94% of consumers said they were willing to pay a price premium for an energy efficient lightbulb, but only one-third actually purchased the product.
This is the problem of “Willingness-to-Pay (WTP)” research, and why not all behavioural studies are the same.
When people are asked a hypothetical, like “would you buy this product?” or “how much would you pay?”, they give you their best guess. As well intentioned as their answer might be, it...
Why so much research is misleading
A tip when you are reading posts citing 'research' stats on what business leaders or consumers are doing.
Add "say they are" to most of the claims.
For example, "Nearly half of content marketers use AI to brainstorm new topics, and 46% use it to research headlines and keywords."
I'm guessing this stat is based on self-reported claims, so it should read: "Nearly half of content marketers SAY THEY use AI to brainstorm new topics, and 46% SAY THEY use it to research headlines and...
Hypotheticals
When you ask hypothetical questions, you get hypothetical answers.
So why do we so often rush to ask our customers what they will do? What they will like?
When we pose these hypotheticals, we set ourselves and our customers up for failure.
Because intention doesn’t always translate into action.
Say doesn’t mean do.
Stop asking what they will do.
Start watching what they do do.
See: Influencing Action
