Think about your favorite pair of jeans. They’re probably not new. They’re probably not in perfect condition. Yet, you love them.
Now, if you could only have one pair of jeans, how likely would you be to trade those jeans for a new pair? Those new jeans would have to be pretty darn good for you to get rid of your favorite pair of jeans…
Maybe you bought them $100 but, to you, your favorite jeans are also worth the comfort, the looks you get and the difficulty you had in finding them.
We typically value 3 times more the products we own than what they’re actually worth. Inversely, we underweigh by a factor of 3 the benefits of a new product.
Put together, this means that, to make someone want to switch, a product has to be 9 times (3 x 3) better than what they currently have (9x effect). Hard… but not impossible.