It’s my experience when someone pays for a product or service, their odds of success significantly increase vs. if they’re given it for free.
However there are no guarantees.
CVS Health offered 2,500 employees across the USA two choices to quit smoking.
Option one: a reward of $800 if they quit.
Option two: the person must invest $150 in the program with the caveat that if they quit, they’ll receive their $150 back plus an additional $650. However this option came with a risk that if they didn’t quit, they’d forfeit their $150 enrollment fee.
According to Dr. Scott Halpern of the Perelman School of Medicine at the University of Pennsylvania, many more people were willing to enroll in the rewards program where they had no skin in the game. Nothing invested. They were clearly risk averse to losing money.
On the other hand, the $150 deposit programs were twice as effective as the rewards option and five times more effective than giving away cessation smoking aids such as nicotine replacements.
Is money the sole reason why the deposit program was more effective? I’m not so sure.
Almost 30 years ago, on an idle weekday morning, I quit the nicotine habit cold turkey when I got my assed kicked swimming laps at the YMCA by someone significantly older than me. Being shamed and wanting to be in better shape was motivation enough to give up inhaling a pack of Marlboro Lights every day.
That’s why I evaluate each and every client, pro bono or paid, to better understand their true motivation. Once I tap into who they are, who they want to become, and what drives them on a daily and long term basis? Their chances of achieving their endgame are much greater.
If you know someone who wants to change their circumstances and play at a higher level, have them contact me for a no strings consultation.
Thank you.
Its so true. I think when we ante up it makes us pay closer attenting and ups our commitment. Did you start your trip yet?
Karin, yes my trip is in full swing. Thanks.
Ante up. Skin in the game. Yup.