150 - 5 Psychological Biases to Use in Your Marketing Today, With Nancy Harhut
The Marketing Millennials
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The Endowment Effect: How Humans Value Things They Own
The endowment effect is this idea that we value things that we own. Once something becomes ours or once we think of something as ours, we place even more value on it. So a great marketing example is there was this online wine company and they wanted me to buy a bottle of wine by 1159 tomorrow. They didn't just say, hey, buy a bottle the day before; they said, you have $15 of unused credit in your account that expires at 1159Tomorrow. The net net was the same, but I was more likely to do it because I thought of the $15 is being mine. And that's why the endowment effect can be so strong.
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