Owning or imagining owning a product could generate a more positive evaluation of it

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 11, 2019, 11:19 AM UTC

Choosing products through touchscreens increases psychological ownership.

This article provides explanations of “endowment effect” wherein a product’s owner tends to value it more than somebody who doesn’t own it. The Behavioural Architects’ Crawford Hollingworth and Liz Barker state that merely touching an item or its image, or visualising its ownership could lead to a positive evaluation of it.

Another research cited in the article observes an increase in a person’s sense of psychological ownership and willingness to pay when using a touchscreen device to choose a product or service. This feeling of endowment strengthens when the participant owns the device.

Holligworth and Barker say that a “cognitive framing effect” makes owners and buyers assess a product differently. Positive and negative features become “more or less salient” depending on whether a person is buying or selling it.

Read the original article

[2 minute read]