Thinking Fast & Slow (And The Reason Why Everything Is Always On Sale)

On this episode of Seeking Wisdom, DC and DG break down lessons from Daniel Kahneman’s classic book Thinking, Fast and Slow – and why this might be the most important book for anyone in sales and marketing. Topics on this episode:

  • Lessons from a recent outdoor ad campaign and American Eagle
  • Cognitive biases
  • Anchoring effect
  • The Halo Effect
  • What will DC be for Halloween?

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In this episode:

1:00 – Thinking Fast and Slow by Daniel Kahneman
1:05 – Marketing lesson from blitz billboards in San Francisco YouTube
3:13 – How to get the referral and DC’s playbook
5:20 – Why DC loves Thinking Fast and Slow…the third degree, black belt
6:16 – Blinkist app/website for book summary
7:38 – Why this is an important book for business people
8:13 – How we make decisions
8:38 – System 1 thinking: fast, intuitive, emotional, reptilian brain (DG!)
9:15 – System 2 thinking: slower, deliberate, logical thinker, DC’s sleep on it hack
9:59 – Learning how to modulate and create guardrails for yourself in biases
10:20 – Charlie Munger and realizing you don’t have control over biases
11:15 – Anchoring Effect
12:38 – Discounting as a form of anchoring
12:56 – DC’s trip to American Eagle with his daughter
13:43 – We’re all blind to this stuff
14:25 – The Halo Effect
15:12 – Shep Gordon, the master of the Halo Effect or Light Bulb Effect
15:54 – DG’s tips to understanding the magic in marketing
16:25 – Doing the work, practicing and applying what you learn
17:24 – What is Halloween? ?

Books mentioned in this episode: