“Spend” a little time…

I love reading about social experiments, especially when the results aren’t what you’d expect.

Or have a really simple outcome that you can use straight away….

Here’s one I discovered recently…

Aaker and Mogilner conducted an experiment. They set up a lemonade stand (they used children to make it look authentic) and used three different signs to attract customers.

Here’s what they said…

Here’s Simon checking the time!

Here’s Simon checking the time!

The first one was “Spend a little TIME and enjoy C&D’s lemonade”

The second was “Spend a little MONEY, and enjoy C&D’s lemonade”

And the third was a control sign which read just “Enjoy C&D’s lemonade”

Only one of the signs was displayed at any one time and the customers were told they could pay anything they liked between $1 and $3. After they had purchased they were surveyed on their feelings towards the lemonade.

 

The results were amazing. The sign including the word “TIME” attracted twice as many customers as the one stressing “Money” and they, on average, paid twice as much for the lemonade!

This experiment in various guises has been used many many times and whenever time is focused on over the money, the customer is willing to pay more and feels like they get more!

People value time more than money.

So ask yourself….

In your marketing are you focusing on time or money? If it is money how can you add more information about time to give more value to your customers….

Then go do it!

Let’s Get Started…

Pull Your Socks Up…

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Simon has been inspiring, challenging and supporting business owners and their teams to be the best they can be since 1997. In the first three years he owned GreenStones, he quadrupled its profits, tripled its turnover and doubled the number of team members. And if that is not enough he has also ran the London Marathon, cycled from Lands End to John O’Groats (raising over £20K for Arthritis Research) and qualified as a hypnotherapist. Simon now spends his time helping business owners use the Bravest Business Model to help them focus on the most important functions of their business. After they have been working with him for a while they start to earn the money they deserve, they get more time with their family doing the things they want to do and they make their mum proud!

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6 Responses to “Spend” a little time…

  1. Keith Lawrence June 10, 2014 at 2:18 pm #

    “In your marketing are you focusing on time or money? If it is money how can you add more information about time to give more value to your customers….”

    Simon – I read this as are you focusing on price (“Look how cheaply we can do…”) or service / quality (“look how much time we can save you in getting this right…)

    K

    • Simon Chaplin June 11, 2014 at 6:11 am #

      Hi Keith

      That wasn’t the intention. One example I’m working on is with my proposals. I’m adding how long it took me to do something and how much time I could save the potential customer using my experience.

      The research suggests focusing on time not money.

  2. Rob Jackson June 10, 2014 at 3:26 pm #

    Highly timely for the charity sector as government are considering new ways to get people to give money to good causes. See http://www.thirdsector.co.uk/Fundraising/article/1297883/tv-channels-give-airtime-good-causes-growing-giving-report-recommends/ and my comment underneath where I link people to this blog from you.

    Thanks Simon.

    • Simon Chaplin June 11, 2014 at 6:14 am #

      Great connection Rob. When I am fundraising with Young Enterprise we’ll start focusing on time as well.

      I hadn’t thought how it would work in the voluntary sector!

  3. Deepak June 10, 2014 at 9:01 pm #

    Beautiful reminder Simon, thank you!
    People in business and your family, value your time more than money, so you have to get the balance right.

    Time is one of the foundations of your relationships.
    So who do you invest your time with?

    • Simon Chaplin June 11, 2014 at 6:18 am #

      Thanks for your kind words Deepak.

      Who was it who said “You are the sum of the ten people you spend most time with”?

      At the moment I am spending time on a veranda at a beach in cornwall listening to the waves waiting for Sally and Ben to wake up. This is my time, then it will be there time 😉

      Simon

      PS I’m still finding places where I can raise my standard! Thanks for challenging me on that. Can you believe it is almost 12 months ago!

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