About this live workshop
This live broadcast is part of the Neuromarketing 101 web series from Agency Golden.
Did you ever get a rewards punch card at your local cafe?
You know, the card that has ten little steaming cups which get holes punched in them every time you buy a coffee? And once all ten are punched, you get a free coffee.
Well, while the punch card is definitely a popular marketing strategy (and not just for cafes), the really genius baristas go one step further. They'll hand you the card, but not before punching the first 2-3 spots as a "favor."
You know, as a nice little way to get you started on your caffeinated journey to a free latte.
Those genius baristas are using something called the Endowed Progress Effect.
This is a unique pattern we exhibit in situations where we're given a head start. When we encounter a head start, we feel that we have the upper hand - an advantage - and as a result of that, we feel a greater sense of commitment to completing whatever task has been given to us.
In the case of the punch card, you'll have a higher likelihood of reaching the reward level if you're given the 2-3 punch head start than if you had to start with just one lame punch in your card. Along the same vein, consumers will spend more on their credit cards if they're given 50,000 miles upon signup.
The Endowed Progress Effect has a huge impact on your marketing. It gives you the chance to gain more customer loyalty and boost lifetime value. This training will help you understand this unique effect and - most importantly - put it to use ethically and effectively in your business.