My Idea to Motivate You

[bornagainbride]

Hey all - Wanted to get some thoughts about my idea. The concept already exists in similar forms, but I plan to make a few tweaks that I think could differentiate it from others. Even if you don't want to do the beta (see below for details on that), I'd be interested in hearing why you think the idea won't work as a business.

I’m exploring using the concept of loss avoidance as a motivational tool. In a nutshell, some data suggests that people hate the idea of LOSING something of value roughly twice as much as WINNING something of value.

So, here’s the concept. To help you reach your goals, you will risk losing something of value to you: money. If you reach your goal, you get your money back. If you don’t: bye bye cash. My theory is that you’ll hate the idea of losing money so much, it will motivate you to accomplish your goal.

Here’s how it will work. I put up a basic website that will allow you to:

1. State a goal (i.e. I want to take 10,000 steps today.)
2. Put up real money as “collateral” against your goal or task. The amount is up to you, can be as little as $5.
3. If you meet your goal, fill out a quick request form, and you get your money back. If you fail to meet your goal, you lose your money.

There are a couple of facets of the concept that I need to iron out, and I’m looking for feedback from 100 people to help me do that. If you are interested, please visit UltimateFoe.com to sign up. I’ll give everyone who signs up a $5 credit (paid via venmo). If you meet your goal and go through the entire process, I’ll send you $5. Just use promo code “Reddit” and enter “$5” in the field that asks how much you’re putting up.

Once you complete/don’t complete your goal, I’ll reach out to get your feedback.

Would risking some real money motivate you to meet some goal that you are having trouble reaching?

 

[zennah]

@bornagainbride How do you validate if someone has achieved their goal?

 

[bornagainbride]

@zennah It"s the honor system. Since it won't cost me anything if people lie, I decided not to require any proof. If it was weight loss, pictures of the scale would be easy, but I'm opening up to ANY goal.

 

[blog4christ]

@zennah Agreed

 

[esearch]

@zennah Verified tools like fitness watches or phones for steps. Bluetooth connected scales would be great. Otherwise, accountability partners would be great. That also encourages people to bring in extra users.

Ideas like reading more could be verified through a book club...etc.?

 

[mazvaris]

@bornagainbride I previously used an app (can't remember the name) for about a year with a similar model. I would set a weekly goal and bet a certain dollar amount that I'd meet it. Every week the company deducts the amount bet from those that failed their goal and it would go to a group pool of cash. Those that successfully completed their goals would split the pool of money (I assume the company toom a percentage).

The incentive ends up being that you can actually make money by completing your goals. It was usually 10-30 cents per week but it also depends on how large you bet. Fitness integrations (Fitbit, Apple Health, Google Fit, etc.) were used to verify data.

EDIT: The app was Pact and it looks like they didn't end so well.

https://gizmodo.com/app-that-paid-users-to-exercise-owes-nearly-1-million-1818632078

 

[sandraqx10]

@bornagainbride I think this idea would work. But only to small segment of people who are honest and want to change. I think you should do it. But make it to work only for honest people. Because risking money is pointless for those who lie. Because they will get their money back.

I think that if I used your program and at first I lost a couple of dollars, I will be motivated to not lose it again. So I will try my best to finish the task.

But like I said, it will only work with people who are honest.

I would use the site because I am looking for someone to push me do things and I think this would work.