“Hyperbolic Discounting”
What is Hyperbolic Discounting?
The tendency to reduce the perceived value of a reward the longer you have to wait for it.
Business Relevance
The longer you delay a conversion or product release, the more apathy your prospect feels toward taking action.
“I’ve already been waiting a year for this. What’s another month?”
Difficulty
You cannot always control product schedules or release dates, but you can control the perception of urgency, and the framing of your desired action.
Everyday Application
Creating a window of opportunity that has an expiration date is a popular method of developing urgency. Creating incentives for the actionable window will help build a desire for your prospects to participate.
“In two weeks, you will be working with John who is our top conversion expert. He’ll take care of all the essentials to make this a speedy and efficient process.”
“We have limited space to ensure you receive the attention you deserve.”
