"Everything you own has a story. I don't care as much about one thing as you do about that magazine." - my wife lamenting the 45th piece of sports memorabilia I'm adding to our basement.

It's true - I value a lot of things not because of what they actually are, but because of the value they represent to me and the story they tell of my life.

It turns out I'm not alone in this. In fact, in a recent study, Daniel Kahneman and his research team found that people tend to place more value on items if they own them, sometimes valuing the item at TWICE its retail value.

So how can brands flip this effect on its head and create the same kind of bias when purchasing decisions are being made?

DRIVE PURCHASES BY USING NAMES

Custom sports gear (hockey sticks, baseball gloves, etc.) feature the name of the person they were created for. This creates a sense of uniqueness and ownership. Previously reserved for pros, consumer brands like CHS are now creating this same personalization opportunity. Other brands like Apple, Amazon, and Starbucks leverage this as well, with the user's name prominently featured.

For B2B companies, this means leveraging Account Based Marketing, personalizing your campaigns to speak to specific accounts. A good example of this is how GumGum, a company specializing in applied computer vision, successfully employed Account-Based Marketing (ABM) strategies to secure lucrative business deals with T-Mobile.

Upon discovering that the CEO of T-Mobile loved Batman comic books, GumGum created 100 copies of a bespoke comic book titled "T-man and Gums." These special comic books were thoughtfully distributed throughout T-Mobile's various agencies. By doing this, GumGum not only leaned into their targets's passions but also leveraged this information to craft a story that fostered a deeper, more personal connection.

LOYALTY MAKES THE NEXT PURCHASE DECISIONS EASIER

Your Blockbuster card may be a thing of the past, but brands are still reaping major rewards from membership clubs. It gives the customer as sense of belonging and loyalty to that brand that can change their behaviour. As an example, I recently joined the Journie Rewards app for my gas purchases. Since then, I've drastically changed where and when I fill up.

In B2B, this could mean co-branding, offering loyalty discounts for re-upping, or acting as a hub that brings different parts of the supply chain together. Bonus points if you can use build this sense of community by leveraging shared aspirations

PEOPLE BUY NOT BECAUSE OF WHAT YOU DO, BUT WHY YOU DO IT

We've all heard it said that people don't buy what you do, they buy why you do it. When you create a brand that aligns with the values of your target customers, you help them feel a sense of ownership over a shared mission. Patagonia is an excellent example of this, as an outdoor clothing brand that leans heavily into fighting climate change. When their customers buy from them, they're not just buying a product - they're voting that they want to be a part of that mission. This creates a sense of ownership and togetherness between Patagonia and its customers.

For B2B, this concept can easily be transferred with missions that appeal to your customers and their leadership teams.

How can you drive a feeling of ownership with your customers?