Today we will be digging in on the endowment effect. This concept is similar to a few you have heard on the show before, including loss aversion, the IKEA effect and even a little bit of reciprocity mixed in there. While they are similar, they are not the same.
The endowment effect is super impactful for all kinds of businesses. Everything from physical products to services, online versus brick and mortar shops; all can use the endowment effect to improve sales. And, yes, this even comes up when discussing change with members on your team (which I won’t really get into today, see the Change Management episode link below for more on that). Listen to this episode and download your freebie worksheet to get tips for how you can use the endowment effect in your business.
