Welcome to the 60th issue of Write On!

The newsletter that can finally take some money out of its 401K. Oh wait, that’s 60 years… damn.

In today’s issue I’ll be covering:

• Make $10k per month writing

• Increase perceived value with the Endowment Effect

• My swipe file with 67 quick-hitting copywriting tips

Estimated read time: 2 minutes 50 seconds

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• Still relying on inconsistent word-of-mouth referrals?

• Ready to step off the freelancer hamster wheel?

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A quick poll so I can write better newsletters for you:

How to use the Endowment Effect to increase perceived value:

The endowment effect is the emotional bias that once you have a sense of ownership over something, then you irrationally overvalue it.

In other words, you value the things you own more than the things you don’t own.

This is especially true if you give a symbolic, experiential, or emotional significance to the item.

Some examples:

• Your child’s first shoes

• The car you did a road trip with

• The house you’ve lived in for 10 years

They’re all more valuable to YOU than anybody else in the world.

But why is this useful in marketing?

Because if you can give your potential customers the feeling they own it, they’ll value the product more and be more likely to buy.

Let’s walk through 3 common use cases:

(1) Test period:

If you want to buy a car, you can always test drive it.

You sit inside the car. Hear the engine start. Feel the steering wheel. Smell the interior.

You ride it around town and picture yourself driving to work or showing the car to your friends.

You already own it in your head.

And that’s the point.

But this tactic isn’t just for car showrooms. SaaS companies often use it too with free trials (see below):

(2) Money-back guarantee:

The endowment effect is also in play with the money-back guarantee.

The customer needs to buy the product first and take some risk.

However, the risk is minimal as they can reverse the purchase.

But as you know by now… when the person owns the product, they value it even more than before. So they’re unlikely to ask for a refund.

Kieran Drew takes it a step further than most and offers a 90-day guarantee, acknowledging that the skill he’s teaching isn’t developed overnight:

(3) Giveaway:

Another common example of the endowment effect in action is giveaways.

These are typical when it comes to recurring services, such as Uber rides.

You get a free premium ride today. You get a taste of what it’s like to be an Uber premium customer.

But you don’t want to lose the benefits of Uber premium for future rides, so you pay the monthly subscription.

It’s simple, but it works.

“But… but… but….”

Relax, Sir Mix-a-Lot. I hear your objection.

“But what if I can’t offer a test period, money-back guarantee, or giveaway? How can I use the endowment effect then?”

Glad you asked.

You can still always use the endowment effect in your own words.

Most often by using “you” or “your” in some capacity.

For example, I use the endowment effect when I promote this newsletter on Twitter:

Without endowment effect:

• “Sign up to get weekly copywriting insights with my newsletter, Write On.”

WITH endowment effect:

• “Don’t miss out on your weekly copywriting insights. Sign up for Write On today.”

Subtle change. But makes the reader feel more ownership (and more likely to sign up).

Now it’s your turn. 👇

One more copywriting treat for you:

I put this swipe file together with 67 quick-hitting copywriting tips I’ve found around the internet.

It’s a good one to run through when you’re in need of some inspiration!

That’s all for this week! See you next Wednesday.

Cheers,

Joe

P.S. Whenever you’re ready, here are 2 ways I can help you:

1. Want to get your business or newsletter in front of 12,000+ entrepreneurs, marketers, and writers by sponsoring Write On? Click here for sponsorship details

2. For any other copywriting questions or consulting inquiries, email me at [email protected] - or just drop in and say hi :)