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Myopic Thinking

Players, and shoppers in general, think myopically about the purchase being made.

If they spend $1 buying one ticket while waiting for their turn at the supermarket checkout counter, they may buy five or six tickets in a month. However, if they ‘bracket’ their purchase together and consider buying five tickets with the $5 that they have, they are not likely to buy them all together.

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359 reads

MORE IDEAS ON THIS

The Science Of Lottery

  • The odds of winning are so low in the lottery business that it becomes irrelevant and marketing the dream of winning becomes possible.
  • The brain relies on crude calculations, and cannot comprehend infinitesimal odds. The winning fantasy activates the same ...

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396 reads

Winning A Lottery

Winning A Lottery

Human beings are not wired to grasp the concept of probability. A chance of winning a lottery, sometimes 1 in 175 million, is not something that bothers us.

The Lottery ticket, selling in billions per year, remains a popular sport in the world, and is something whose appe...

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696 reads

The Anchor Effect In Lottery

The framing of the winning amount (You could win a hundred million dollars!) creates an anchor in the player's mind and the focus becomes the large sum of money.

The price of the lottery ticket (a dollar) seems inconsequential in front of the large figure already anchored...

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303 reads

The Steady Appeal of The Lottery

The steady appeal of the lottery is due to various psychological tricks by the marketers: suspension of logic and reason and the dreams that it sells.

Using the variable rewards concept of psychology, the marketers ensure that people keep buying their tickets for years, by...

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473 reads

The Near Miss

Many lotteries play to the basic psychological error of the brain which correlates a near miss with better luck.

They allow players to choose a combination of four or five numbers and players experience an illusion that they almost won. In reality, the odds of winning...

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329 reads

Neighbors Envy and Sensitivity to Loss

The human mind is sensitive to loss, and has a natural feeling of comparison towards those who have more, fueling the emotions of fear and regret.

In the Netherlands, a ‘postcode’ lottery which awards participating residents of a certain winning postcode every week, ma...

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326 reads

Playing the Lottery for Entertainment

The odds to win are so small that winning does not even feature in our decision matrix of buying a ticket. The game of lottery isn’t played on logic, or for investment, but for entertainment.

For as little as two dollars, a person dreams of getting a chance to win thousan...

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374 reads

Variety, Impulse Buying and Friction Reduction

Different price points, themes and designs of lottery tickets provide variety and reduce player burnout.

The creative concepts keep things fresh and exciting for regular players, making them experience a sense of possibility. Having lottery tickets placed at ubiqui...

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339 reads

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pai

Music geek. Coffeeaholic. Travel advocate. Social media maven. Certified tv guru.

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Why is customer retention important?

70% of companies say it’s cheaper to retain a customer than acquire a new one. The old rule of thumb says it costs 5 times more to acquire a new customer than it did to retain one.

Engaged consumers buy 90% more frequently, spend 60% more per transaction, and are five times more likely to i...

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