IKEA effect to tech products 🤯
Welcome to the 27th edition of the GrowthX Newsletter. Every Tuesday & Thursday I write a piece on startups & business growth. Today’s piece is going to 95,300+ operators & leaders from startups like Google, Stripe, Swiggy, Razorpay, CRED & more
Ever you heard of the IKEA effect?
Wikipedia’s definition is “Consumers place a disproportionately high value on products they partially created.”
Gibberish? Here's a simple explanation 👇
IKEA ships dismantled furniture.
Consumers construct furniture from shipped parts.
They love stuff that they co-created.
For most of us, we love.
Handmade gifts from our loved ones.
Designing our homes.
Wait, can you apply the IKEA effect to tech products?
Focus on pricing and product feature flexibility.
Give them fully customised options on which features they want, for how long and at what pricing tiers, for how many users. The list can go on.
Think hard, make them build their version of your product.
Ask yourself → What will create an IKEA effect on your tech product?
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