Not that long ago, a study by Stanford neuro-economist Baba Shiv proved that when people are told a product is expensive, they extract more pleasure from it.
This is not a hugely surprising revelation, particularly in relation to something as subjective as wine appreciation, but more interesting is the concept at work in his experiment – something called ‘The Placebo Effect.’
According to US marketing guru Seth Godin: “A placebo is a story we tell ourselves that changes the way our brain and body work. Any time a story or ritual changes the way we encounter something, we’ve experienced the placebo effect.”
My question: Is this a bad thing? If the label, the winemaking story or the sommelier’s spiel increases our appreciation of what’s in the bottle, surely this is to be applauded?… Read more >