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- Shot #89: A sneaky little trick to boost customer engagement
Shot #89: A sneaky little trick to boost customer engagement
The Endowed Progress Effect
Hello awesome marketers & founders 👋,This is Luv and here’s your weekly Marketing Shot :)
(Delivered every Tuesday)
In today’s Marketing Shot:🛠️ 5 Useful Tools & Resources💡 A little trick to boost customer engagement [The Endowed Progress Effect]
🛠️ 5 Useful Tools & Resources
Press Hook- An AI driven media relation network. Save time by connecting with journalists from top publications who are most likely to cover your story (link)
Apollo- Search, engage and convert over 250 million contacts at over 60 million companies with Apollo’s sales intelligence and engagement platform. (link)
7 Email Marketing tactics to win back inactive subscribers and re-engage them with your brand (link)
How to Generate High-Quality Leads for Your B2B Business (link)
GrowTal: Hire pre-vetted and experienced marketing experts (from social media managers, SEO to PPC and high-level strategists), so you can focus on taking your business to the next level. (link)
💡 The Endowed Progress Effect
Have you ever signed up for a reward program and noticed that they have already ticked a few steps for you. And you are just a couple of steps aways from the reward? It feels great, right? That's the endowed progress effect at work!
But what is it?
The endowed progress effect suggests that when people believe they have already made some progress towards a goal, they are more likely to continue their efforts to reach that goal.
Even if the progress given is minimal or artificial, it creates a sense of momentum and a desire to maintain consistency.
Why does this happen?
It all boils down to our innate desire to be consistent and complete what we've started.
When we feel that we've already made some progress, it triggers a psychological drive to keep going and not let that progress go to waste.
If you’re a marketer, understanding and leveraging the endowed progress effect can be useful.
Here are a few strategies that top companies employ to harness this psychological principle:
1. Onboarding Progress: When users sign up for a new service or app, providing them with a sense of progress can be highly motivating. By breaking down the onboarding process into smaller steps, users feel like they are already making progress.
This boosts their motivation and increases the likelihood of them completing the signup process.
2. Loyalty Programs: Many companies utilize loyalty programs that offer rewards or benefits for continued usage of the product/service.
By giving customers a head start in their progress towards earning rewards or reaching higher program tiers, companies tap into the endowed progress effect. Customers feel motivated to keep engaging with the brand to reach their desired rewards.
3. Multi-Step Checkout:
Instead of bombarding customers with a long checkout form, companies break down the form into manageable steps. Each completed step gives customers a sense of progress, making them more likely to continue and complete their purchase.
4. Goal Tracking:
Implementing progress tracking features such as progress bars or personalized milestones can create a sense of achievement and encourage users to continue their journey.
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📋 In case you missed the last Tuesday’s Market Shot- Why a tire company created a restaurant guide? [A brilliant marketing strategy]
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