Researchers from Princeton, University of Chicago, and Digitas-Boston surveyed people entering a grocery store. One set were asked, among other things, questions about the contents of their wallets. This nudged their thoughts towards the money they had to spend in the short term. Another set of shoppers were asked instead about the different types of financial accounts they had in their investment portfolio, such as checking and savings accounts. This got those shoppers thinking long-range.
What difference did it make? Well, the second group spent 36% more than the first group when checking out with what they ended up purchasing.
Notice how easy it was to set those customers thinking in ways that resulted in them spending, let's say, $136 instead of $100. A question about financial accounts instead of about wallet contents was enough to do it.
But how can you use this information? Customers coming into your store won't welcome being stopped to answer a survey before you let them make their purchases. And if your sales staff who welcome the shopper start out by asking, "How much do you have in your savings and checking accounts?," there's a really high probability the shopper will gallop out your store's front door with their checkbook, wallet, and credit cards.
What are ways you can gently bring the customer's mind towards a longer-term perspective on spending their money? How about stating prices not just as the total, but also as the cost per month over the expected useful life of the product? How about offering extended payment terms? What else will work for you?
For your profitability: Sell Well: What Really Moves Your Shoppers
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