The simple answer to this question is yes, as when people are offered a plethora of choices, they often end up choosing none – as it’s more difficult than being faced with limited choices.
This theory was proved in a study that set up a stall in a supermarket where shoppers could taste a variety of different jams. Researchers varied the choice of jams offered between 6 and 24. Only 3% of shoppers who tasted from 24 jams went on to buy, compared to 30% who tasted from the selection of 6 jams. Obviously funds are a very different product to jam, but the principle still applies, as by offering your prospects lots of choice, you may be reducing your chances of them investing with you. For example, if you offer a selection of free white papers or videos on your website – it may be best to limit this to just five or six, rather than having lots of choices. Equally, when it comes to email marketing don’t just send out loads of messages day after day in the hope that something will stick. This could be simply overloading people. Instead, concentrate on quality over quantity and offer them less regular offerings, which they are more likely to notice and engage with.
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