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…
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…