The IKEA Effect is a cognitive bias where consumers place a higher value on products they take a part in creating.
Studies show that consumers are willing to pay 63% more for furniture products that require assembly versus pre-built pieces.
In the 1950's, General Mills was struggling with the Betty Crocker cake mix brand.
They couldn’t wrap their heads around why their sales were tanking. So, they pulled in someone who could get to the bottom of it — the consumer psychologist, Ernest Ditcher.
Ditcher’s solution was simple: take the powdered egg out of the Betty Crocker box and give that task to the customer.
This tactic is now known today as "The IKEA Effect".
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