Invisible Marketing Series - The Endowment Effect
If you’ve ever had to assemble a piece of Ikea furniture, you understand the feeling of having created a masterpiece. This is the endowment effect. Labour and time spent on an object directly increases the value placed upon that object.
Think about how you can personalise your products and service offerings. Is there a way you can allow your potential customers to add their own input? By trying to include customers during the process of your work, the customer will place greater value on the outcome and come back to you for more.
People love personalisation – especially stationery and clothing. NikeLab is a new service Nike provides, where people are able to design their own shoe online and get it sent to them in a matter of weeks. There are even competitions around who can make the best design. Not only is this a great marketing initiative, it’s a great conversation starter and makes people appreciate and value the final product.
Stay tuned for next week's issue - 'What Can You Take Out?'