Influence consumers through the six ‘Cs’ of choice

Reducing complexity in your product portfolio encourages faster, better member decisions.

Offering people more choices doesn’t help them make better choices, Sheena Iyengar says.

Quite the opposite: An overabundance of options leads people to procrastinate, make poor selections, and be less satisfied with the choices they make.

“People say they want a lot of choice, but what they really want is to feel competent during the selection process and confident with their choice,” says Iyengar, a Columbia University Business School professor who wrote “The Art of Choosing.”

That finding meshes well with how credit unions differentiate themselves in the marketplace, says Iyengar, who delivered a keynote address Monday at the CUNA Lending Council Conference in Nashville.

 

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