A conversation with a friend recently turned to Ozempic, and its implications for life expectancy and the cost of social care. My friend referred to a speech from Angela Merkel, in which she shared three numbers: seven, 25 and 50. Europe represented 7% of the world’s population, 25% of its GDP, and 50% of its social care cost.
This, said Merkel, had massive social and political implications for Europe, its health systems and taxation. The friend could remember the numbers, and he remembered what Merkel said they meant.
Why am I talking about this? Not to warn younger readers about what their social conversations may sound like in middle age. But because this is an example of ‘magic numbers’: the idea that one or two numbers are more persuasive in a story than many numbers.
In our industry, there is a lot of excitement about big data. Data from tills, data from loyalty cards, data from social listening. As soon as you work in other sectors, you appreciate we really are lucky with our data. But it is a common mistake to cram our selling stories with it. If you do, the stories become less persuasive, not more.
Why is this? Here are three reasons.
Focused attention
First, people haven’t got the headspace. They are overloaded with information, recommendations and suggestions. They may have 50 meetings in a week. So landing something in their mind beyond next weekend is an achievement. Be realistic about how much mental space they have for you.
Second, fewer numbers helps to focus the conversation. If you present a lot of numbers, don’t be surprised if one becomes a hostage to fortune. Here you are, ready to talk about the wastage number. But they’ve picked up on the margin number. Oh dear.
Third, fewer numbers means less conversation about the numbers. You’ve finally secured time with your audience. But now all you are doing is discussing the analysis, you’re nowhere near the “so what?”, and it’s nearly time to close. Less data means more time agreeing plans.
Don’t get me wrong: a knockout piece of data can turbo-charge a selling story and drive a great decision. But don’t think more numbers means more credibility. Very often, they distract. Better to clarify your thinking, so that one or two magic numbers is enough. Think small data, not big data.
Have more numbers as back-up. Know more numbers if asked for detail. But keep (most of) them off your slides and out of your main storyline.
Germans like stats. Merkel (a scientist before politics) would have had plenty. But she chose just three to land her point: seven, 25 and 50.
Jeremy Garlick, partner at Insight Traction
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