I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
Cross That Finish Line
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Back in the early days of the online learning platform Coursera, I took a class in gamification offered by the Wharton School of Business. The ubiquitous application of game design elements across so many areas and sectors of business was in its infancy, and I was intrigued. One of the most fascinating things I learned about is the Goal Gradient Hypothesis, which basically posits that the closer one gets to completing a goal, the more motivated they become. If you've ever watched a marathon or any kind of endurance race, you may have noticed how participants miraculously get a final burst of energy that enables them to sprint to the finish line. This is a classic example of the goal gradient hypothesis at work. In 1932, Carl Leonard Hull first introduced the concept after running experiments with rats, finding they ran faster the closer they got to a food reward goal. Over 70 years later, a team of researchers tested the relevance to purchase acceleration and customer retention of Hull's hypothesis. They gave one set of coffee-buying customers a blank 10-stamp loyalty card. A different group received a 12-stamp card with 2 stamps already completed. So, members of each group needed 10 stamps to receive a free coffee as reward for their completed cards. Not only did the 12-stamp group complete their cards more quickly than the 10-stamp cardholders but the frequency of their purchasing increased the closer they got to qualifying for their free coffees. But, loyalty programs aren't the only application for the goal gradient hypothesis. It can be used in many ways to motivate your customers and team across your business. Here are just a few ways to employ it:
Have you hit upon the formula to get your customers or team across that finish line? If you're struggling, let me help. PS - If you missed it, last week I was Learning to Fly. PPS - Check out my series on Loss Prevention and related principles of behavioral economics. Your success is our strategy!No longer want to receive my newsletter but don't want to miss my special offers and announcements? Click here. |
Easily Said & Done
I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
Hi Reader, This fall my mom was diagnosed with mild-to-moderate dementia. While sad, it did not come as a surprise. It's one reason I sold her house and we moved in together late last summer. At first, I planned outings to the Y and other senior programs, scheduled visits from family and friends, coordinated physical therapy appointments, and designed little daily activities to keep her engaged and stimulated. This winter it's gotten harder and harder to get mom out of bed let alone dressed...
Honestly, I was going to writing about something else for my first missive of the new year, but I don’t want to add my voice to those trying to normalize what is not normal. I don’t know about you, but it’s very hard to shut out what’s going on and focus on my to-do list these days. Especially, when every item seems trite and pointless against the much larger issues hitting the news feeds multiple times a day. It’s more than a lot. It’s way too much. So today my message is simple: Take care...
Right now, there's a consumer 'blackout' movement afoot to, basically, stop buying stuff for the entirety of the Black Friday weekend from corporations. This isn't just happening in the USA, but also in Canada, as a way to protest the current economic climate and policies that are making the wealthy wealthier and squeezing every penny out of the rest of us. Don't forget, there's still active consumer protests against Target, Home Depot, and Amazon, among others, as well. In other words, it...