Here’s a valuable psychological fact to know about:
People consider things to be more valuable if they own it.
In fact, many scientific experiments have already proven this phenomenon over the years. On such experiments, although not the most controlled and scientific, yet still valuable enough to look at, was an experiment by Richard Thaler, a behavioral economist, professor at Cornell University, and author of Misbehaving (yes, the same book I wrote about a few weeks back).
In his experiment, Thaler grouped his students into two equal groups. One group of students all received coffee mugs. Then Thaler asked the group of students who didn’t receive their mugs how much they’d be willing to pay to buy a mug from another student.
The average amount these students were willing to pay for the coffee mug turned out to be $2.25.
Yet, when the students who received their mugs were asked how much they were willing to sell for, the average price was a whopping $5.25—almost double what the other students were willing to pay!
Such an experiment shows that people value something more when they own it than if they don’t.
What does this have to do with you?
Well, suppose you’re selling something—which I assume you are since you’re on my list. Then, it would be in your best interest to make your customer value the thing you’re selling at as high a price as possible.
So now imagine if you could give your (would-be) customers a feeling of ownership even before buying.
There are many methods to do such a thing.
Letting people “try out” a service or product is one such method. Telling them you have a personalized present with their name on it waiting for them is an equally, potentially even stronger, method to go about it.
Bottom line, get your creative juices thinking about it.
And in the meantime.
There’s a personalized copy of Misbehaving with your name on it waiting for you to pick it up. Check it out here: https://alexvandromme.com/misbehaving