Monday Morning Marketing Quote: Are You Overestimating Your Personal Experience Factor?


How well are you delighting your customers?

In this Monday Morning Marketing Quote, I talk about the endowment effect, which states that we value our own possessions more than other people do. Today’s quote comes from Dan Ariely and his book, Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions. (affiliate link)

“Why does the seller of a house usually value that property more than the potential buyer? Why does the seller of an automobile envision a higher price than the buyer? In many transactions why does the owner believe that his possession is worth more money that the potential owner is willing to pay? There’s an old saying, ‘One man’s ceiling is another man’s floor.’ Well, when you’re the owner, you’re at the ceiling; and when you’re the buyer, you’re at the floor.” – Dan Ariely

 

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One Response to “Monday Morning Marketing Quote: Are You Overestimating Your Personal Experience Factor?”

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  1. Anonymous says:

    I believe that we value our own possessions more than others simply because they are OURS. It’s a dynamic that’s intrinsically tied to psychology that causes fans to shell out huge bucks for sports memorabilia that used to belong to a star, and the same dynamic that would make us not want to buy a home formerly lived in by a serial killer. No matter how much we deny it rationally, we believe that a person’s essence seeps into their stuff. My stuff has my essence, which makes me value it more than others. That’s my theory anyway.

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