Power of Habit Forming Products (How to Create Engaging and Addictive product Experiences)

DR. PRIYAVRAT SANYAL

TILAK RAVI KRISHNASWAMY

SANDHYA SHARMA

Published By:

BOOK RIVERS 

Website: www.bookrivers.com

Email: [email protected]

Mobile: +91-9695375469

Place: Lucknow

Year: 2022

MRP: 199/-INR

ISBN: 978-93-5515-818-5 

Copyright©: AUTHORS

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This was self published in 2021 and republished in 2022 from Book Rivers with ISBN  

All Rights Reserved

No part of this publication may be reproduced, transmitted or stored in a retrieval system, in any form or by any means, electronic, mechanical, photocopying recording or otherwise, without the prior permission of the author.

[PRINTED IN INDIA]

Make your customers want your products so much that they can't resist them.

About Authors

Dr. Priyavrat Sanyal is a Faculty in the area of Marketing at the Indian Institute of Management, Visakhapatnam. Prior to this, he taught at IIM Bodhgaya and IMT Ghaziabad. He is a fellow (Ph.D.) from the Indian Institute of Management, Indore in the area of Marketing. He also holds a Masters in Marketing Management from Jamnalal Bajaj Institute of Management Studies, Mumbai. Prior to joining academia, he worked in the industry for almost 12 years in Sales, Service, Marketing and Engineering functions with organizations like Godrej and Boyce Mfg. Co. Ltd and Reliance Industries Ltd. His teaching and research interests include Business to Business Marketing, Sales and Distribution Management, Marketing Strategy and Social Marketing. He was awarded as an MSME Research Fellow in 2016 by Ni-MSME, Ministry of Industries, GoI. He is also involved in multiple executive programs and consulting projects for government & non-government organizations. Apart from his academic pursuit, he is a passionate snooker and lawn tennis player and an experimental chef.

He may be reached on [email protected].

-Prof. Priyavrat Sanyal,

Marketing Faculty, Indian Institute of Management Visakhapatnam

Ph.D. fellow, IIM, Indore in Marketing

Tilak Ravi Krishnaswamy is an Industry expert in building habit-forming products and is an Innovation and Product marketer who has helped build large platforms and products for building habit forming products for large MNCs and startups for rational use. He has helped build and launch over 15+ Software, hardware and platforms, which were habit-forming and has impacted various industries positively. He has built product lines grossing over hundreds of Millions of dollars. He is an alumnus of LBS- LJMU, VIT and has earned his Masters of Technology in Mechatronics from VIT, and MBA from LBS LJMU. Tilak has been honored by various national recognition by the Ministry of Agriculture, and Atal Innovation Commission NITTE and large companies for his contribution to the domain.

Tilak is also a Marketer who has helped small to large scale with growth hacking techniques which use very similar philosophies used for products in this book. He has devoted himself to building high-impact Product Services with large impact and minimal footprint.

He may be reached at tilak.one

-Tilak Ravi Krishnaswamy

Sandhya Sharma is a content writer who knows how to write interesting, helpful, and engaging content. She has strong writing skills and knows how to make the content look good on search engines. Sandhya can write in a variety of styles to appeal to different people. She is also proficient in using SEO best practices to improve the visibility of her content. She enjoys writing and is also passionate about Science. She has a deep knowledge of human behavioral psychology and animal behavior science and is always interested in learning more about them. She is also writing two other books that are her work in progress. She loves attending Book fairs and meeting different writers to learn about their work. Sandhya holds an M.Sc. degree in biotechnology from PESIT, Bangalore University, and previously, she worked as a research fellow too. Besides her academic pursuits, she is also interested in photography and likes to capture interesting biological phenomena.

She may be reached at [email protected]

- Sandhya Sharma, Content writer.

CONTENTS

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INTRODUCTION

If you look at the picture above, you can see that almost everyone in it is looking down at their hands, which are holding smartphones that are presumably loaded with social media apps and other apps they use frequently or are addicted to. Just look at the way technology has come to dominate everything in today's era. A study was conducted to see how much time people spend on their devices. The study found that phone users spend nearly 5 hours a day on their devices, or approximately 86 hours a month, with the largest users touching their devices almost 5427 times a day compared to the average user who touches their devices 2617 times a day. Vivo released the results of its joint study with Cyber media Research titled The Effect of Smartphones on Relationships. The study measured the impact of smartphones on human interactions. The study found that nearly three-quarters of people feel they can't have a conversation with friends and family without checking their smartphones.

Smartphones are becoming increasingly popular because they make it so easy to communicate with anyone, anywhere and at any time. People check their social media accounts to stay up-to-date or to check for messages before bedtime or when they wake up in the morning. They check it even if they had no intention of doing so. Sometimes they pick up their phones to look at social media whenever they feel they want to check, and sometimes they do it without any specific purpose in mind. According to a study, the average person spends almost three hours a day on their smartphones and about 66% of the population is afraid of being without their phones, which often signals homophobia. Almost all smartphone owners unlock their phones 150 times each day. Just imagine how smartphone apps have successfully habituated  their users through their addictive features.

What are some similarities between Facebook and gambling? They both involve spending time on a website or app, and they can both be addictive. Gambling can be addictive because it gives people an adrenaline rush, like a game of chance. But what keeps users coming back to Facebook app? Facebook estimates that over one billion people are logging on to the site every day. Facebook has a high retention rate, meaning that a high percentage of people who start using the application continue to use it regularly. Real stickiness is a feature that doesn't require users to be constantly reminded to interact with your site. This means they'll be more likely to return to your site again and again.

What can you do to make your product or service the first thing that people think of when they need it? Products or services that can scratch an itch quickly are more likely to be opened and used more often, which can lead to developing a compulsive habit of checking your phone. What makes some digital experiences so captivating, while others can't keep people's attention for a longer period of time? Businesses that can understand human behavior and psychology can create products and services that are very desirable and hard to resist. As the competition in the marketplace intensifies, companies need to create engaging customer experiences in order to stay afloat. Successful businesses focus on creating products and services that are useful for their customers, rather than spending a lot of money on expensive advertising