Utilize the Eudaimonic

Shoppers are attracted to items which support the values they and their society promote. We might expect, then, that an influence agent increases the probability of a sale by saying, “As you make your choices, please focus on deriving meaning from your choices. That is, focus on the aspects of each option that you find most purposeful, fulfilling, and valuable. Really try to make it a meaningful experience!”
     But what about how much the shopper is willing to pay for the item? Researchers at York University and University of Colorado Boulder compared results for consumers given the “meaningful experience” mindset with those told instead, “As you make your choices, please focus on deriving pleasure from your choices. That is, focus on the aspects of each option that delight you and that you think are fun. Really try to enjoy yourself and make it a pleasurable experience!”
     What they found is that the “meaningful experience” consumers preferred the less expensive item in a choice set more often than did the “pleasurable experience” consumers. This was true across a broad range of single item purchases. Water bottles and cooking classes. Digital cameras and disposable cameras. Coffee and cars.
     In further studies, the researchers assessed various explanations for this effect. The one holding up best was that people focusing on the meaningfulness of their purchases think to a greater extent about other ways they could spend their money aside from purchase of the single item. They want to devote some of their funds to additional expenditures which will enhance the meaningfulness of their lives.
     Consumer researchers refer to this consideration of other ways to spend the purchase funds as opportunity costs. The shopper says, “If I spend less on this item, I’ll have more to spend on this additional item.” The shopper’s attention to meaningfulness in purchases relates to what psychologists call eudaimonic well-being—the contentment which arises from fulfilling a purpose in life.
     In considering the implications of their findings, the researchers acknowledge the desire of marketers to provide their audiences meaningful value. They suggest that marketers, in turn, acknowledge how these audiences will look beyond the cost of purchasing a single item. In my opinion, this leads to marketers thinking about follow-on sales in order to maintain revenues. Spot each shopper’s values by inquiring about the reasons for the purchase choices, then use this to craft the next best offer.

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Value Cultural Values 

Sell Spendthrifts with Opportunity Costs 

Spot Values by Asking Shoppers for Reasons 

Make Your Next Best Offer