Improve the conversion of your sales process AND expand your reach by marrying technology with applied academic content. One and one make more than two! Make it happen with everyoneINVESTED.
In a nutshell
How to discourage existing investors from pushing the sell button? The book Hooked. How to build habit-forming products describes several tricks that really work.
What’s going on here?
The book proposes a system which consists of a simple sequence that always repeats itself :
1. Trigger the client
Initially, the trigger is external: you have to draw her attention. Once the habit-formation starts, the client will be triggered internally.
2. Action the behavior
This is done in anticipation for a reward, e.g., clicking
Preferably with some variation to spark continuous engagement.
This occurs when the client puts something in such as time, data, or money. The hook model easily maps on successful applications such as LinkedIn or Facebook. The initial trigger might be external (social pressure), but gradually curiosity takes over. Clicking on “update” generates information in a familiar format but each time with renewed content which you give a lot of your time and attention.
Now, the beautiful thing is that the effectiveness of this hook model is rooted in behavioral science. And let consumer psychology in the context of investing, i.e., applied behavioral finance, be the expertise of everyoneINVESTED.
Why you should care
Wouldn’t it be nice if your investors were hooked to their portfolios? That way you can focus on acquiring new clients because your existing clients are sure to stay. No need to worry in times of challenging market conditions: existing investors will not push the sell button. They are hooked!
What does this mean?
It’s possible enrich the pre- and post-sales phase of a digital investment process with hooks that increase conversion and improve retention. More people are tempted to get in. Less people feel the need to get out. All has to do with the sequence of the process, and the choice architecture around the provided information. Clients have to find the information they are looking for, as easy as possible and fully compliant with regulation.
How to apply this knowledge in your business?
Amongst the many ways hooking can be achieved, we at everyoneINVESTED figured out the one that is most effective in keeping investors on board. You want to know more, let us know.
How everyoneINVESTED can help your business
At everyoneINVESTED we developed a suite of solutions that address the emotional component of investing in each part of the digital wealth management process. The relevance for your business is obvious: people do not stick to a portfolio if it defies who they are.
Eternal investors, that’s our common goal.