Hi All!
As always, here are your weekly tips & tricks to keep you on track with your goals.
1. Measure the distance toward your goals, but don’t get overwhelmed.
Several studies show that progress can act as a powerful motivator. Therefore, measure the distance toward your goal no matter how big you’re aiming. It also doesn’t matter how far you still must go; what counts is that you’re moving closer, even if you take just one small step at a time.
2. Use incentives to your advantage if you want to get something done.
An incentive is something that encourages you to behave a certain way. A lot of employers, for example, like to use salary raises or promotions to boost performance and productivity. To be effective, however, incentives must be clearly defined and considered to be valuable and attainable.
Your Weekly Digest: Loyalty Card Psychology
This week’s article on MikevanderPoel.com is called, “Why Businesses Use Loyalty Cards to Manipulate You.” It goes over loyalty card psychology and explains how both progress and incentives can change customer buying behavior.
One phenomenon that supports the effectiveness of rewards programs is called the illusion of progress. It works by providing customers with free stamps on their first purchase to give them the perception that they are closer to obtaining a reward. You might, for example, be a first-time customer at a local café, and even though you only purchase one coffee, you could receive two stamps on their “buy ten, get one free” loyalty card.
Loyalty rewards are highly effective because as humans, we find it motivating to make progress. When we feel as though we close in on the finish, we increase our efforts. An increase in efforts is good news to the business because the more loyal the customer, the higher the profits.
Until next week,
Mike van der Poel
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