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Decrease Acquisition Costs with a Little Game - NextStage 1 Minute MarketLift Podcast
Marketers know that acquisition costs lots more than retention. Acquisition costs more than retention because of what neuroscientists call the trade-off between exploitation -- basically "go with what you know" -- and exploration -- a belief that "grass is always greener".
So right from the start, acquisition and retention have more to do with consumers' psyches than anything about your brand, product, offering or service.
Something most marketers don't know is that exploration and exploitation are decisions-based brain activity and that acquisition costs plummet when the brain is offered a reward for a desirable decision.
The trick is creating rewards that favor exploration because the marketer's acquisition is the consumer's exploration. These rewards can be inexpensive -- even ethereal and not directly attached to your brand -- and what they must be is some form of game.
Total Time - 1m43s