9. Selling “Time” over Savings Can put Your Customers in a Better Buying Mood
Have you ever wondered why commercials for “cheap beer” never, ever focus on the money that you can save by buying them?
Instead, they create ads and slogans that focus on having a great time (i.e., “It’s Miller Time!”)
This isn’t an accident.
As it turns out, new research from Stanford reveals that selling “time” over money can make customers more receptive to buying.
From Aaker’s research:
“Ultimately, time is a more scarce resource—once it’s gone, it’s gone—and therefore more meaningful to us,” says Mogilner.
“How we spend our time says so much more about who we are than how we spend our money.”
Getting people to think about a period of time they enjoyed (associated with a product) can be much more effective than reminding them that they could be saving money.