Using Psychology of Ownership in Marketing Strategies

It is common for people to feel a sense of ownership over their things. While the possessiveness over objects is usually attributed to children, it seems that this innate sense of ownership tends to remain as people get older. It is so fundamental in human beings that marketing psychology focuses primarily on instigating this response in consumers , which builds an emotional connection between a customer and a brand. This phenomenon – where people feel emotionally attached to objects – is known in marketing as psychological ownership.

What Does Psychological Ownership Mean?

Psychological ownership is one’s feeling that a thing belongs to them or is a part of them. People feel psychological ownership over tangible things and intangible things, and both come into play when a marketer is looking to build a rapport with consumers.

From the perspective of the consumer, their connection to a brand is similar to their connection with other people. Their behavior towards a brand can be said to be an emulation of their behavior towards people, and can demonstrate possessiveness and attachment to products. When a brand’s identity or ‘personality’ aligns with that of consumers, consumers start to feel the need to own the brand’s products. The brand and the customer’s identity can become intertwined, and this helps the customer’s sense of ownership kick in.

Can Psychological Ownership be Fostered in Marketing?

A lot of the research in marketing is focused on identifying how to promote psychological ownership. This type of ownership can be promoted through control, self-investment, and intimate knowledge.

Control

Control is when a customer has the ability to use a thing or object whenever they want and however they want. One way of enhancing customer control is by letting the customer play a role in creating the product. This could mean involving the customer in product design, creating giveaways, or letting them vote on what design/flavor to consider next. If the customer feels that they have played a role in forming the product, then there is a greater chance that they will have an emotional response to it.

Self-Investment

In self-investment, the customer spends their resources on the object, including money, time, effort, or mental energy. One of the more popular ways that businesses encourage self-investment is by allowing product customization. By personalization of the product according to their preferences, the customer feels more connected to the product. This is because they have invested time, effort, and money into the product.

Intimate Knowledge

If the customer knows more about an object, they gain an intimate knowledge of it. When a customer has intimate knowledge of a brand, they will believe that they have a unique relationship with the brand. The customer seeks more information about the brand when the values put forth by the brand aligns with the customer’s own values or identity. Many businesses launch special editions or collectibles to help build a relationship where buying from the  brand feels special to the customer.

Using one or more of these strategies can help foster a sense of psychological ownership in consumers.

Ronn Torossian is the founder of 5W Public Relations, a native New Yorker and an advocate for many non-profit organizations.

Discover more from Ronn Torossian

Ronn Torossian’s Professional Profile on Muck Rack
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Ronn Torossian’s Articles on Entrepreneur
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