It’s Not What You Get but When You Get It: The Effect of Gift Sequence on Deposit Balances and Customer Sentiment in a Commercial Bank
نویسندگان
چکیده
The impact of gifts on deposit balances and customer satisfaction was examined in a longitudinal field experiment conducted at a commercial bank. Gifts increased deposit balances, survey response rates, and customer satisfaction compared to the no-gift control. Several factors were manipulated within the gift treatment: gift type, the accompanying message, and the sequence of gift value, which was either improving ($35 then $100 gift), worsening ($100 then $35 gift), or a single gift. There was a highly detrimental effect of decreasing gift value on deposit balances. This “deterioration aversion” persisted in a long-term follow-up analysis of deposit balances. A vignette experiment replicated deterioration aversion and extended the results, demonstrating increased effectiveness of improving gifts over constant gift sequences, and finding that the mechanism underlying deterioration aversion involves the violation of
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