Sir Richard Branson
BARRY SCHWARTZ : "The Paradox of Choice"
How Barry Schwartz Supports VisualTargeting®
Barry Schwartz, after long study experimentation and proof has concluded that too much choice is "paralyzing" to consumers and economies, it reduces customers? satisfaction, loyalty and therefore brand equity. From a Visual Targeting prospective this only a confirmation that marketing researchers are still not equipped yet to provide manufacturers with clear precise data about the exact and unique customers' desires and tastes. As a result, tons of unwanted products are being produced still lacking the ones that would make customers happy. People are forced to choose between the endless options, none of which suit their individual tastes. No wonder it is so exhausting and paralyzing!
The only way to overcome this obstacle would be to offer customers a product precisely matching what they like and want (not what we think they might like and not what they say they think they like). Visual Targeting equips companies/designers with precise Design-To-Market Match Coefficients and Visual Preference Guidelines prior to the stage of product/design development. People like designs that match their visual taste and enjoy them for longer.
Visual Targeting allows companies to reduce design options (and expenses), while enhancing the remaining options' customer appeal - thus, relieving customer paralysis, satisfying customers and shareholders alike, adding to everyone's happiness and enjoyment, and increasing brand loyalty, which has a direct impact on profits (Target Corporation, 2008).
About The Speaker
TED.com* About Barry Schwartz, Psychologist: "Barry Schwartz studies the link between economics and psychology, offering startling insights into modern life. Lately, working with Ken Sharpe, he's studying wisdom.
In his 2004 book The Paradox of Choice, Barry Schwartz tackles one of the great mysteries of modern life: Why is it that societies of great abundance - where individuals are offered more freedom and choice (personal, professional, material) than ever before - are now witnessing a near-epidemic of depression? Conventional wisdom tells us that greater choice is for the greater good, but Schwartz argues the opposite: He makes a compelling case that the abundance of choice in today's western world is actually making us miserable.
Infinite choice is paralyzing, Schwartz argues, and exhausting to the human psyche. It leads us to set unreasonably high expectations, question our choices before we even make them and blame our failures entirely on ourselves. His relatable examples, from consumer products (jeans, TVs, salad dressings) to lifestyle choices (where to live, what job to take, who and when to marry), underscore this central point: Too much choice undermines happiness.
Schwartz's previous research has addressed morality, decision-making and the varied inter-relationships between science and society. Before Paradox he published The Costs of Living, which traces the impact of free-market thinking on the explosion of consumerism - and the effect of the new capitalism on social and cultural institutions that once operated above the market, such as medicine, sports, and the law.
Both books level serious criticism of modern western society, illuminating the under-reported psychological plagues of our time. But they also offer concrete ideas on addressing the problems, from a personal and societal level."