Deemphasize the Price of Emotional Products
Emotional products have strong benefits, but weak economic value. Orient customers toward the benefits instead of the price.
1. Reduce the Saliency of Prices
Do you sell jewelry? On your website, don’t emphasize the prices.
2. Focus on Time and Usage
Avoid references to money. Instead, emphasize the duration of time that customers will spend.
Researchers alternated three signs for a lemonade stand:
- Time: “Spend a little time and enjoy C & D’s lemonade”
- Money: “Spend a little money and enjoy C & D’s lemonade”
- Neutral: “Enjoy C & D’s lemonade”
The “time” sign attracted twice as many people (who paid twice as much; Mogilner & Aaker, 2009).
- Mogilner, C., & Aaker, J. (2009). “The time vs. money effect”: Shifting product attitudes and decisions through personal connection. Journal of Consumer Research, 36(2), 277-291.