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Have You Heard Of The Endowment Effect?

Have You Heard Of The Endowment Effect?

Tugan A.I
January 31, 2023

Hello human

💡 Have You Heard Of The Endowment Effect?

It's a persuasion tactic used in marketing, which suggests that a consumer will place greater value on a product or service they already own than one they don't.

📚 For example:

A consumer may be more likely to purchase a product they already own than one they don't, since they already have an emotional attachment to it.

You can use the Endowment Effect in your business by offering customers discounts or rewards for products they already own.

This encourages customers to purchase more of the same product, increasing your lifetime customer value.

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