Member-only story
It’s Mine Already
Hey, 👋🏼
Apologies for the radio silence.
I’ve been away.
This week I’m talking endowments. Not the one to do with life insurance…
I rarely test drive cars. 🚗
I don’t try on a lot of clothes. (Obvs)
I avoid free trials.
I don’t ‘cos I know if I do I’ll end up buying.
It’s a thing.
Coined by behavioural economist, Richard Thaler, the Endowment Effect is when you feel like you already own something, you place a higher value on it.
That’s why test drives and the like work.
Once you get the concept, it can have a profound effect on your business.
Here’s a tiny example.
Which copy line sounds more appealing to you?
- Claim your free webinar seat
- Get a free webinar seat
The word ‘claim’ makes it feel like it already belongs to you. You’re simply claiming what’s rightfully yours.
Funnily enough, in an A/B test, the ‘Claim…’ copy line signed up more people than ‘Get…’.
Small changes can have a big effect once you understand the mysteries and wonders of human behaviour. 🧠
