$treet $marts: Reciprocity & The power of ... mints? 🍬

$treet $mart$ (vol. 42)Reciprocity

In some restaurants, you may have noticed that waiters bring a complimentary mint with the check.

Surprisingly, receiving just one free mint leads to an average 3% higher tip.

And if the waiter brings two mints? That's an impressive 14% increase in the tip!

According to Dr. Robert Cialdini's book Influence: The Psychology of Persuasion, the act of reciprocity runs deep in human nature. It's ingrained in us, with roots dating back to the core of society.

🧠INSIDE YOUR CUSTOMER'S MIND

Picture this: You give something valuable for free, and suddenly, trust starts building with your prospects. Even if they don't make an immediate purchase, they'll be inclined to repay the favor.

Be warned: reciprocity can backfire if your intentions seem insincere or if people feel obligated to reciprocate.

💸 How to Apply this in your Business

• Give Valuable Freebies 🎁Freebies are a marketing essential. Whether it's a free sample, an extended trial, or valuable content like a newsletter, blog post, or webinar, the key is to provide immense value. The more grateful your recipients are, the more likely they'll be to reciprocate.

• Create an Irresistible Referral Program 📣Reciprocity can create a positive cycle that benefits your business. If you consistently deliver value to your audience and customers, they'll be more than happy to refer you to others. By incorporating a referral or loyalty program, you can incentivize people to spread the word even further.

• Leverage the Power of Social Currency 🌟Social currency, also known as "Klout" or "social capital," is a potent motivator that fosters reciprocity. When others publicly praise us, it boosts our perceived status. Conversely, negative remarks can diminish our social currency. By rewarding people with social currency, you can generate even more goodwill than a pricey gift.

When you do something for others, they often feel obligated to reciprocate. This reciprocity can be a strong motivator, but be wary of inauthentic gestures that can backfire. Instead, focus on finding ways to provide value to your audience. In doing so, you'll reap the rewards.

Best,

Samson

Paint to Profits Episode 38: Curt Bear

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