Status Quo Bias - Deepstash
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Status Quo Bias

 It states that people tend not to change the things that already exist and are happening in their lives. 

Many companies use this to their advantage, for instance, having zombie customers (people who pay but don't use the software)

5

56 reads

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The Dark Side Of Discounts

 Don't use unjustified discounts because it creates distrust in your users. It makes them cautious of the orginal price and trains them to always look for the cheaper option

8

53 reads

What is the Nobel Edge Effect

It is an effect that states when brands show nobelity and show they genuinely care for their costumers brand loyalty goes up and they receive better PR.

7

49 reads

Friction

Try and avoid Friction when someone is offboarding on your platform, it will make them dislike your product.

5

47 reads

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8. Status Quo Bias:

8. Status Quo Bias:

People prefer things to stay the same and are resistant to change, even when change could be beneficial. You might resist switching to a new phone model even though it offers significant improvements over your current one.

Common Explanations for Status Quo Bias

These explanations are all irrational for preferring the status quo:

  • Loss Aversion: When we make decisions, we weigh the potential for loss more heavily than the potential for gain.
  • Sunk Costs: We continue to invest resources like time, mone...

Awareness and attention

Awareness and attention were the holy grails of every marketing strategy, so the way you became successful was to pay for more of both. But there’s a subtle change taking place. 

People are choosing to spend their money with companies that take the time to get to know them ...

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