Those studies and others find that shoppers who end up making the purchase tend to experience a mix of happiness and guilt. They will respond to subsequent sales appeals which talk about prolonging the happiness by doing what’s “right.” If the discounted item is considered by the shopper to be frivolous, they’re open to then buying an item which will bring pleasure, but embodies responsibility.
On the other hand, shoppers who resist the purchase tend to experience pride, but a sense of loss. Some of these consumers would be classified by consumer psychologists as tightwads.
Tightwads aren’t the same as frugal shoppers. Frugality is driven by a pleasure in saving. Tightwads are driven by a pain of paying. Research indicates that the key to having tightwads spend their money with you is to reinforce their sense of responsibility.
- Congratulate tightwads on how they shop carefully. Tightwads take pride in limiting their spending, but feel more comfortable when loosening up within reason.
- Remind tightwads that you’ll be responsible in what you sell to them. Then keep your promise by explaining how the products and services you sell give full value. Remember that tightwads suffer emotional pain when spending. Dealing with a responsible retailer eases the pain.
- Accentuate the small. University of Pennsylvania and Carnegie Mellon University researchers offered tightwads the opportunity to pay extra for overnight shipping of a DVD they wanted. The extra cost was presented to some tightwads as “a $5 fee” and to the rest of the tightwads as “a small $5 fee.” The tightwads hearing the word “small” were 20% more likely to pay the fee than those not hearing that word. In contrast, there was no difference with a “$5” and “small $5” description among people who were spendthrifts—people who indicated on the earlier survey the opposite of tightwad tendencies.
Click below for more:
Effect Spillover Buys via Surprise Specials
Pleasure the Practical Shopper
Have Fun Items Throughout the Store
Loosen Up Tightwads’ Wallets
Sell Impulse Items to Serve