Today is part 2 of 5 in a series of solo episodes where I break down my favorite marketing book, The Catalyst: How To Change Anyone's Mind, by Jonah Berger. Listen in as I explain why catalyzing change isn’t just about giving people options, it’s about helping them let go of old patterns and habits that no longer serve them. Whether you are in an eCommerce business, or an online coach, easing endowment allows you to make sure the right people find you at the right time so they can take the next step in your customer journey.
After you listen, send me a DM on Instagram @itsgeirgebryant to let me know if you have a customer journey that eases endowment.
As always, if you enjoy this series and the Podcast, leave me a review on Apple, Spotify, or other platforms. It helps other entrepreneurs find clarity in their own lives plus allows me to keep putting out great content for you.
What you’ll Discover
- The definition of endowment and why your customers won’t take action
- How to surface the cost of inaction so your customers choose the right path every time
- Why burning the ships can lead to more loyalty and trust in your customer journey
Time Stamps
00:00 Intro To the second part of The Catalyst, Endowment
03:17 What persuasion is and why do people take that next step in the customer journey
06:24 The definition of endowment
09:21 Why catalysts help demonstrate the actual cost of inaction
10:50 The longer people do or own something, the more they value it
13:02 If the potential gains barely outweigh the potential losses, customers will not budge
15:59 How to ease endowment so your clients understand what is possible
18:15 The cost of not implementing a customer journey
20:35 Why you need to understand your customer profile, and how it can cost you a lot of money on the back end if you don’t implement endowment
24:26 The greatest way to ease endowment is through time and touch points
Notable Quotes
“To create change, the perceived gain has to be 2.6 times higher than the current situation in order for somebody to feel that it's time for them to take action. - GB
“ For every 10 customers coming in, 8 of them are leaving due to their lack of journey.”- GB
If you have any questions or comments about the episode, I’d love to hear from you! Send me a DM over on Instagram @itsgeorgebryant or pop on over to our free Facebook community, Relationship Beat Algorithms.
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