Stories Sell Pt. 1: How Much Would You Pay for a Plastic Horse?
“The most powerful person in the world is the storyteller.” — Steve Jobs
In my last post I talked about the power of story. Rather than just quoting facts, figures, and stats about your product or service, you can increase your results dramatically (up to more than 6000%) merely by adding a good story.Need proof?
The Famous eBay Experiment
Several years ago, New York Times Magazine journalist, Rob Walker, began wondering just how much story made a difference in marketing. Walker developed a form of anthropological experiment called the Significant Object study, whereby he purchased 200 items off of eBay for around $1 each.
There was nothing inherently “valuable” about these items. Trinkets really. A plastic horse. A plastic banana. Wooden mallet. Etc.
But next is where the magic happened...
Walker hired 200 professional writers, explained the experiment, and asked each one to write a “story” about the item assigned to them. Needless to say, they were intrigued.
Now, you can watch Walker discuss the experiment on YouTube here, but here’s his results in a nutshell…
Examples:
- Corn Husk Doll = paid $1.50; sold for $14.40
- Egg-shaped Whisk = paid $0.25; sold for $30.00
- Small Bird Figurine = paid $0.50; sold for $52.00
- Plastic Horse Head Bust = paid $0.99; sold for $62.92
- Plastic Horse Figurine = paid $1.00; sold for $104.50
- And so on…
All combined, Walker paid a total of $197 for the items and sold them for a total of nearly $8000. That’s right, a markup of over 6300%.
What? Who?
Of course, right now you are probably asking yourself, “What?!?!? Who in the world would pay more than $60 for a used plastic horse’s head?”
I hear you. And I thought that, too, the first time I heard about it. So, what exactly is the secret? Why was Walker able to mark second-hand items up to such drastic prices and still have people pay it?
One word, my friend: Emotion.
By creating stories that appeal to a person’s emotions, we create an entirely different mindset. The object in question is no longer merely a token; the story increased the perceived value dramatically in the buyer's mind. (To see how they engaged the buyer’s emotions, check out the details of the experiment at his website here.)
Conclusion
For now, I just want you to ponder this lesson. Take the time to review the experiment, and if you have about 30 minutes to invest in a fascinating talk, check out the YouTube video.
Next, begin thinking about how you can start incorporating stories into your writing.
In my next post I will be unveiling an awesome step-by-step process you can use to add more story to your writing and increase the value of what you are promoting.
Stay tuned :-)
P.S. Remember, there is no such thing as a story that is too long… only a story that is too boring.
Recent Comments
33
That is truly amazing. Am guessing all the stories behind each item were not necessarily factual, just an imaginative story that captured the readers interests.
I love it, how amazing... 👍
This, yet again, has made me think. I currently have about thirty Ebay listings, made up of car parts and computer bit and pieces. I have another thirty that I just haven't got round to listing yet. It loads like an ideal opportunity to try your suggestion out.
It will test my own abilities also, especially if I'm writing about a laptop hard drive.
Thanks for sharing this post. This was very interesting. I can't wait to read your step by step process post.
Thanks again,
Waiting with bated breath.
I always enjoy a church talk better if there's a story in it. Must be the same principle. Thanks for sharing.
Yes, I think so. I have been a teacher/trainer for years and I found that when I incorporated stories into the lessons people seemed to remember them better. Thanks :-)
Hi AJ Trimble, I am always fascinated and glued and await eagerly for your amazing teaching in your writing. I am staying tuned on your next nuggest you will deliver. Now I get it when you say "there is no such thing as a story that is too long, only a story that is boring" Wow.
Hi AJ. I have to go out today so I bookmarked your blog to look at later. I really want to check out Walker's experiment. Jim
That is very interesting. Not surprised though. I have heard of dirty jeans, really grubby, covered in mud etc selling because of the story attached.
Does make you think though.
Yes. It's pretty amazing (if not often silly) what people will pay for something with a great story attached.
I saw once where someone paid good money for a piece of gum that was supposedly chewed and spat from the stage of their favorite rock star. Please note that there was no actual evidence that said gum was any such thing, but the person believed the story and paid handsomely for it. I always just assumed it was the seller's gum. lol
Excellent post.
Our eBay equivalent here in New Zealand is a site called TradeMe.
Some time ago someone sold a totally useless washing machine with just such a tactic.
He wrote this story (several anecdotes) about this machine that, no matter what he did to coax it into complying, just would not co-operate. How it spat soap suds all over the bathroom when they were out - flooding the place.
How it gobbled up socks and small items that were never retrieved. And on and on he went.
Until it eventually died on him - just out of warranty period (seemingly for spite of course).
He made the frequent mishaps we can all relate to a personal story between him and the machine.
Saying he refused to pay for a decent burial he was offering the machine for sale with no guarantee and no refund.
It sold for a good price and if I remember correctly the manufacturer bought it back from him.
I'll definitely be watching that video.
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I love story.
I came across this a few years ago and tried it with a couple of eBay items...
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Nope, my story-telling skills weren't as good as his writers' because they didn't sell :-)
But that was just two items - yes, they were good stories, too :-) - and I can totally see the value of adding story to help promote stuff.
Great post.
Ian