It turns that mentioning “time” in advertising can help drive sales; considerably more than mentioning “money.” According to Jennifer Aaker, Professor of Marketing at Stanford Graduate School of Business, who recently published some research on the topic:
Because a person’s experience with a product tends to foster feelings of personal connection with it, referring to time typically leads to more favorable attitudes-and to more purchases
Here are a couple of the interesting research projects:
- A lemonade stand-operated by two six-year olds used three different signs: “Spend a little time and enjoy C&D’s lemonade”; “Spend a little money, and enjoy C&D’s lemonade”; and “Enjoy C&D’s lemonade.” After displaying only one sign at a time, customers were told they could pay between $1 and $3 for a cup of lemonade; the exact amount was up to them. The result: The sign stressing time attracted twice as many passersby-who were willing to pay almost twice as much-than when the money sign was displayed.
- College students who owned iPods were either asked: “How much time have you spent on your iPod?” or “How much money have you spent on your iPod?” Students asked about time reported more favorable attitudes toward their iPods.
My take: I surveyed more than 4,500 US consumers about how they select the companies that they do business with. It turns out that customer service was considered more important than price across all 12 industries that I examined. The research will likely get published in April.
This is all good news for marketers; since it lessens the need to emphasize price. Also, it reinforces just how important customer experience is within any companies’ value proposition.
The bottom line: If you value customers’ time, they’ll find you more valuable.