It’s a bit like not buying disposable cups
It’s coffee time again. And you go back to your favorite coffee shop again. And you ask for another coffee, in another disposable cup - again. They also got your name wrong (should we embarrassingly say - again?). Then that glorious day arrives where your coffee shop starts to give discounts if you bring your own cup. And that’s enough of a nudge for you to actually bring your own. And guess what? That coffee suddenly feels a lot more yours, and the barista knows you and your bamboo cup.
What is ownership mentality?
Owning it. Whatever it is- a job, an attitude, a product, or a brand. Ownership mentality refers to the feeling that something is yours and therefore that it’s worth caring for. A sense of ownership is a sense of responsibility: it is when one looks past immediate needs and wants something to thrive and grow in the long term. It’s the personal accountability on behalf of the collective. How can this be achieved? By making sure that all opinions are heard, people feel important, and common values and goals are shared, ownership becomes a mentality- and not just a fact.
Just a little nudge
Ownership mentality has the potential to make brands more democratic both in their actions as well as change the way they relate to their customers. The beautiful thing about it is that it can be present among all stakeholders of a company: from the directors, to the employees, to the customers. But why doesn’t everyone practice it? The truth is that ownership mentality unfortunately doesn’t come naturally. It’s a process, which begins with the possibility of being able to own something in the first place. Then, an incentive needs to be provided for someone to change their mindset and their habits, in order for them to feel like they are the owners of their actions.
It’s all about the mindset.
That’s it. Ownership mentality is a little “switch” that happens when a customer starts relating to a brand as someone who is invested in it. Although one can own a brand’s products, and cherish them, the connections tends to be more with the product than with the brand. This is surprising considering there are so many loyalty programs aimed at exactly that: making customers feel like part of the brand. But loyalty comes in many form, and cash back or discount rewards may not be the best way. Sure, they are great for helping customers buy more, but does it build a relationship between the brand and the customer? That is what ownership mentality is to us: a two-way street for brands to truly engage with their customers and make them become part of its future.
Why will your future self thank you?
Ownership mentality is often discussed in the business realm, especially when discussing employees and their commitment to a company. At BITS we take ownership mentality one step further, and ask consumers to start owning their brands rather than just buying them. Why? It’s good for both the brands and the customer. While this builds brand engagement, the customer can feel more connected to her/his favorite brand and take an active role in the way it is run by becoming a shareholder.
- “It's important to understand your ownership pattern because it is an expression of the values that guide your life. The question of what you want to own is actually the question of how you want to live your life” - Marie Kondo.
2. “ownership” yields 300 million search results on Google.
3. Ownership mentality can be both Individual and collective