What's Next! with Tiffani Bova RELOAD: How Habits Create Repeat Customers with Nir Eyal
Welcome to the What's Next! Podcast with Tiffani Bova.
This week I’m bringing back an interview with Nir Eyal, author of Hooked: How to Build Habit-Forming Products. Nir is an entrepreneur and has taught at Stanford School of Business.
THIS EPISODE IS PERFECT FOR… companies who want to change consumer behavior.
TODAY’S MAIN MESSAGE… most of what you do throughout the day is because of a habit, the impulse to behave with little or no conscious thought. You choose Google as your search engine out of habit, don’t you? If you are a business owner, you want to make sure that your product is what consumers use because of a habit. When you understand how to create habits, you can generate a tremendous amount of economic and customer value and keep customers coming back.
Of the four steps that define a habit — trigger, action, reward, and investment — the investment phase is the most critical. It is in this phase where the company gets the user to do something that increases the likelihood of returning.
How do you get repeat customers?
It is no longer about traditional advertising. It is more about exposure. Exposure has to be a new and exciting user experience that understands the customers’ wants and needs.
WHAT I LOVE MOST… if you want to start understanding your customer’s psychology, understand their emotional triggers. Every customer has a pain point usually associated with a negative emotion, like fear, loneliness, uncertainty, or boredom. Your product has to scratch that user itch and alleviate it through every successive interaction.
Running time: 29:36
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