Have you ever wondered why we tend to value things that belong to us more highly than might seem justified from outside? This phenomenon is known as the endowment effect and plays a crucial role in how we perceive the value of our property. By awakening this sense of ownership among your customers, you can significantly increase their appreciation for your products.

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To get a concrete picture of it, imagine someone owning an old sweater worn by feelings. Objectively speaking, this sweater may be out of fashion, no longer fit or even look worn out. But for the owner, it is priceless, as it is linked to numerous personal experiences. The emotional connection that has been built up over the years makes the owner appreciate the true value of the sweater far beyond its material value. The idea of replacing or giving it away is hardly an option — clear proof of the endowment effect.

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How can you now use this effect to your advantage in the digital world? One method is to use point-of-view (POV) views in your online marketing, which allow customers to visually imagine what it would be like to own your product. This perspective not only strengthens the commitment to the product, but also increases the willingness to buy. User-generated content, such as unboxing videos, which show how other customers integrate the product into their lives, is similarly effective.

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In addition, virtual trials or 3D views of products offer an excellent opportunity to give customers a feeling of “almost owning.” Such technologies enable customers to establish a personal relationship with the product even before they physically own it. This approach cleverly uses the endowment effect by integrating the product into the customer's everyday life, which in turn increases the desire to own it.

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By using techniques that utilize the endowment effect, you can not only strengthen your customers' connection to your products, but also promote their engagement and loyalty to your brand. This creates a strong emotional foundation that goes beyond mere ownership and contributes to the long-term success of your brand.