Charlie Munger learned so much from a book that he gave the author a share of Berkshire Class stock as thanks.
That share is worth > $500k today.
The author was Robert Cialdini.
I read his book that wowed Charlie Munger.
It’s priceless for marketing in business (and life)
Here are Cialdini’s Principles of Persuasion
1. Reciprocity
Humans are social being. And we have an inherent sense of fairness.
If someone gets a benefit, in most social situations, people want to give something in return.
This can be a cudgel in marketing:
If you want people to buy your product, give them something first.
They will feel indebted to you and want to pay you back in some way to be fair.
There are two ways you can do this:
Offer something free first. Free trials and giveaways fall into this category.
Offer them something special. Preorders get a signed copy.
Add value through content.
Like many online subscription businesses giving the first month free.
It’s old, but gold.
2. Commitment
This one should be obvious. People don't like big commitments upfront.
They like free trials and short-duration offers. At least to start.
How to apply this?
Sell small first. Small products, short subs.
Even if it's a $1 purchase to get the ball rolling.
And give rewards to customers who keep investing in you.
Develop a kinship.
Then sell them your main offering. They'll trust it - and you - enough to buy it.
3. Social Proof
Usually, people like things that other people like. We tend to trust information that is “socially proven".
Celebrity endorsement, staged review videos, and testimonials are gold.
Play the long game. Keep investing in your brand. In 12 months, you'll build up a masterful image with potential customers.
4. Liking
Think about it. We trust people we like.
You have to make your customer LIKE you.
How?
Two pillars:
- Aesthetic attractiveness
- Similarity
Make your product/co. look good. Visibly appealing.
And appeal to your customers beliefs and values. Demonstrate that you share them.
Works wonders.
5. Authority
For all the noise in the world, we only really listen to a few people.
Who?
The people who seem to have expertise.
It's more accessible today than ever. But it ain't easy.
Study up on your field. Know what's happening in the world around you. Use that knowledge to add value to the conversation. Then watch your business skyrocket.
My best advice here is to focus ONLY on adding value. Not on selling.
The sales will come. You just need to trust the process.
6. Scarcity
It's the oldest trick in the book. Drive demand by CREATING scarcity.
Don't be readily available to meet every client. Don't have your product available in bags.
Do what Supreme did. What Ovo is doing with limited edition collabs now.
They're a masterclass in marketing.

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