Ownership Bias

Written by Guido Jansen in
September 2010

Theory:

People value things more when they feel a sense of ownership. Also know as the endowment effect or divestiture aversion. 

Application:

Can you give people something that is theirs only on your website? A page with their own content or personal data? A public page for them to show what they are doing at your website? Create something that is theirs alone and they'll value it more then it's actually worth. On the other hand: keep in mind that if you want people to switch from another system/ product/ competitor, keep in mind that they'll value their current (and thus 'safe') choice more then they actually should, so be extra convincing in telling them you have the better product/ service.

Recent posts
Announcing a new Magento community project
Announcing a new Magento community project

I would like to share a new project with you. I’ve had this idea for over 5 years now and I’ve finally been able to make it a reality in the last couple of weeks.

Can you afford not to know? Can you afford to be wrong?
Can you afford not to know? Can you afford to be wrong?

In rapid changing online environments, continues business experimentation is a great way of constantly learning what works and what doesn’t. But then the question might arise: how far do you go? What do you test? And is it sometimes ok NOT to test something?