I recently did a simple experiment.
I wanted to see the power of inducing ownership inside of a sale and the effects it would have on the outcome.
In the experiment there were two identical leather coats that only had one small difference.
One was powder blue and the other one was orange.
There were two potential customers who I had already pre-sold all of the benefits of owning the coat to.
What happened next?
With one of the ladies I only showed them the coat. They were able to see it up close but not take the coat out of it’s wrapping.
They could ask questions, make their own assumptions…but not fully try the coat on.
As it turned out, after doing this…the lady left without the coat.
Would the same hold true for the other coat?
In the second selling situation I followed the same idea. I let them see the coat, make their own assumptions…but only this time I added one little step.
I took the coat out of the wrapping and let them try it on. Then I placed them in front of a mirror and let them see themselves from multiple angles wearing the coat.
Immediately after doing this, the customer pulled out her cash and purchased the coat right on the spot.
What made the difference between the two sales?
Psychologically, the difference can be boiled down to one thing.
By giving the customer the coat to try on and letting her see herself from multiple angles, I was actually inducing ownership.
You can use this powerful form for selling your products or services.
It’s the same idea you’ll see behind all of the offers where manufacturers are willing to ship you an item for free of for a small shipping fee so that you can try it out for however many days.
What they are doing is inducing psychological ownership.
So how does psychological ownership work?
To put it simply, psychological ownership works by getting your potential customer to touch the product that you are selling.
To physically put the hands around it. To hold it. To use it. To visualize themselves owning it.
You see our minds have a small little quirk to it.
Once you give someone ownership, and take it back…they will fight tooth and nail to keep it.
So by putting your product into the hands of your potential customers, you are in a sense inducing psychological ownership of that product.
They will find ways to mentally convince themselves on the reasons why they should own what your selling.
How can you use this knowledge for your business?
If it isn’t obvious by now, then I’ll just give you the hint.
Find ways to lower the barrier for your product.
How can you get your product into the hands of your potential customer so that you can induce the psychological ownership principle?
When you answer that question, you will see a much happier customer as well as a jump in your sales.
Have you ever wondered about the many different ways that you can use psychological ownership for your business? Are you struggling to see your sales increase on a regular basis? Join the entrepreneurial community for answers to these questions.