A recent survey found that almost half the advertisements published in high-circulation magazines attempt to attract readers to products and services by referring to time or money. From brands that inform us that they are "reassuringly expensive" to banks that tell us that "there is no preset limit to spending time with your family", messages that mention time and money to persuade us are commonplace. But when it comes to persuading people to do business with you, should you present your benefits in terms of time or money?
To answer this question, a team at Stanford Graduate School of Business conducted a series of experiments selling lemonade in a park one sunny afternoon. Two signs advertising the lemonade were created and were switched every ten minutes. So some passers-by saw an ad mentioning time —"Spend a little time and enjoy C & D's lemonade" and others saw a sign mentioning money — "Spend a little money and enjoy C & D's lemonade". A third sign that mentioned neither time nor money acted as a control.
Remarkably, twice as many people bought lemonade when they saw the sign mentioning time compared to the other two signs. But do people think a product is actually worth it when they are asked to think about time rather than money?
Apparently they do. Those who stopped to buy a drink were allowed to choose what to pay. Customers exposed to the "time" sign not only bought twice as much lemonade, they also paid 80 per cent more for it. But lemonade is a pretty cheap commodity. Does the same hold true for more expensive products and services?
To test this idea, another set of experiments was conducted on a product that people routinely invest a considerable amount of both time and money in: iPods. And the result remained largely the same. People felt more connected to products when they were told of positive features that related to time rather than money. Therefore, in the context of a real business situation, the researchers claim that mentioning time rather money in ads and promotional campaigns can make a product not only more attractive but potentially more valuable in the eyes of the audience.
The same should be true when presenting at face-to-face meetings. Therefore, when persuading people to consider your offers and proposals, the results of studies such as this suggest that you should include references to the time-positive features of your proposal first before the cost benefits.
However, there's one exception. Researchers found that when products are considered 'prestigious' and the people you are trying to persuade are more materialistic, references to money rather than time appeal more.
Steve Martin is co-author of Yes! 50 Secrets from the Science of Persuasion. Test your persuasive skills at scienceofyes.com
BUY IT HERE: Yes! 50 Secrets from the Science of Persuasion
blog comments powered by
