MedTech + Mindset Newsletter #008

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This week we talk about Demoralizing Data and The Seduction of Social Proof.

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 1. Demoralizing Data

Insight from Matt Tucker

I was following up on some questions from an investor this week on some of our background materials.

They had questions about several data points explaining market size and opportunity, as well as incidence of the disease state.

Some were statements from over 2 years ago.

Half of them I couldn’t find.

I looked in studies, I looked in slide decks, I looked on google, I looked under the couch, I looked in the basement.

I tried to back into the numbers.

No luck.

All said, I reconstructed about 18, but couldn’t find 2 of them no matter how hard I tried.

The real problem?

I’ll never be able to reconstruct my day into a productive one.

How to avoid this for yourself:

• Always reference as you go.  The 5 min it takes can save you hours trying to reconstruct or searching for the source of old data points
• Don’t use extrapolated data points for external materials.  Just…don’t.   They aren’t credible in the first place and are impossible to re-manufacture. 

2. The Seduction of Social Proof

Insight from Natanya Wachtel-Jones

Let me ask you a question.

When you’re looking for a nice place to eat, have you ever noticed that you’re more drawn toward the ones that are filled?

Robert Cialdini, best-selling author of “Influence,” attributes trusting others and imitating their actions to the phenomenon of social proof.

This is the theory that people will adopt the beliefs or actions of a group of people they like or trust. 

Why is that the case?

As we come across new information and experiences, examining everything from the start would take an enormous amount of time. 

Our brains seek a hack.

When we are unsure about something, we simply notice how others view the situation.

We assume that they are doing the right thing and we simply imitate their actions.

In fact, most of the time this assumption works quite well and helps us avoid mistakes.

Another reason why we follow the steps of others is that we want to operate within the social norms.

By doing what other people are doing, we are most likely within those limits.

An interesting fact about human psychology is that to evaluate the correctness of behavior, we check whether others are adopting it.

The more people are doing something, we tend to determine it’s an acceptable option.

It will come as no surprise then that social proof has become one of the most widely adopted marketing methods of convincing customers to buy products. 

Let’s look at some examples of social proof you can use in your marketing:

• Support of your product’s efficacy from influencers, subject matter experts, and authority figures in your space.
• Highlight customers and end-users by showing how they’ve used your product.
• Display the number of shares a post has on your website.
• Show your most popular products and those achieving best-seller status.
• Ratings and reviews by verified customers and clients.

One more often overlooked social proof technique is “unity.”

As social creatures, we feel the need to be included and part of the group.

As a result, we are willing to buy a service or product to help us achieve that.

Simply using language like “join our community” or “get exclusive access” can provide a strong signal to potential customers.

TL;DR

• Social proof is the theory that suggests we adopt the beliefs and actions of others and especially of those we trust.
• We look to others so we can define the appropriate behavior to follow.
• We evaluate the correctness of an action based on how many other people do the same.
• To include social proof in your marketing, you could ask experts and celebrities to endorse your product or service, and you could also ask users for their ratings and reviews.
• Finally, you could create a sense of unity and belonging by marketing products as items that will help your customers become a part of a community.

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