Last Updated Apr 14, 2009 11:41 AM EDT
Why customers respond to time
"Ultimately, time is a more scarce resource -- once it's gone, it's gone -- and therefore more meaningful to us," says Cassie Mogilner, a Ph.D. candidate in marketing at Stanford who co-authored the study. "How we spend our time says so much more about who we are than does how we spend our money."
The study found that mentioning time is not only effective because consumers are trying to make the most of theirs, but also because time represents a community value, whereas money signifies a more personal one.
"When you refer to time, there's a big social component that integrates the products you use with the people in your life, which makes the product experience more meaningful and richer," says Mogilner.
Three tips you can use today
To shift your own advertising efforts away from money and better connect with customers' time values, your marketing and branding efforts should:
- 1. Emphasize how the product frees up consumers' valuable time
- 2. Build your brand as one that makes leisure or work time more enjoyable
- 3. Accentuate your product's potential for relationship building (i.e., time spent with others)
Money Clock image by Flickr user brewbooks, CC 2.0