Dividends and Contagious part 3

Every once in a while you will hear people say or read that something has gone viral on the internet, or it has a lot more supporters than normal stories receive. What if there was a formula to why things catch on or go viral? The book Contagious by Jonah Berger, Simon & Schuster, NY, 2013 says there is a formula. The formula includes the ingredients or STEPPS – Social Currency, Triggers, Emotion, Public, Practical Value and Stories. If the piece has enough ingredients it is possible to leverage the message you want to get out to go viral.

Practical Value                   Does talking about your product or idea help people help others? How can you highlight incredible value, packaging your knowledge and expertise into useful information others will want to disseminate?

People like to pass along practical, useful information. News others can use. Useful things are important. Passing along useful things also strengthens social bonds. The questions what makes something seem practical to pass along?

Saving money is good thing. According to the prospect theory – people do not evaluate things in absolute terms, they evaluate them in relative terms or a reference point.

A key factor in highlighting incredible value is people expectations. Promotional offers that seem surprising or surpass expectations are more likely to be shared. Restricting sales means we have to act. There is a rule called the Rule of 100. If the price is less than $100, it seems bigger to say a percentage discount ie 10 or 20% off. If the price is greater than $ 100 it seems bigger to say dollar amount.

Broadly relevant content could be share more, content that is obviously relevant to a narrow audience may actually be more viral.

Stories                                  What is your Trojan Horse? Is your product or idea embedded in a broader narrative that people want to share? Is the story not only viral, but also valuable?

People do not think in terms of information, they think in terms of narratives. But while people focus on the story, information comes along for the ride.

Narratives are stories. They have a beginning, middle and end. They are more engrossing than basic facts. When people hear a good story, they stay till the end. The solution to selling something is to build a carrier narrative that people will share, while talking about the product or idea along the way. This means the idea or desired benefit a key part of the narrative. Remember in story telling, some parts are critical and some parts are irrelevant to the story, the task is to ensure your product or service is embedded in the story.

Linking to dividend producing stocks, the process of STEPPS is used to drive your product or service both virally and for consumers to take action with the purchase of your product or service. If you follow the process it should help, no matter what budget you have. The budget is not the most important part, the reason why a consumer shares your information is.

There are more questions than answers, till the next time – to raising questions.

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