“Time outweighs money” – what does it mean? If you are thinking that it means time is more important than money, then you are wrong. I am not here for a debate if time is more important or money.
Let’s take an example-
You are out for a Sunday bike ride on your favorite biking path, and you come across a pair of kids selling lemonade. Do you stop and buy some lemonade? Do you like the lemonade? Does your buying or liking the lemonade have anything to do with the wording on the sign next to the lemonade stand? Apparently so.
Cassie Mogilner and Jennifer Aaker from the Stanford Graduate School of Business conducted an experiment to whether references to time or references to money, which one of the above will more likely attract people to buy, how many of them will pay and how many will be satisfied?
Sometimes a sign says, “Spend a little time, and enjoy C & D’s lemonade”. This is the “time” condition. Sometimes the sign says, “Spend a little money, and enjoy C & D’s lemonade” (money condition). Finally, there is a control condition where the sign said, “Enjoy C & D’s lemonade”.
391 people passed by either walking or on bikes. Those who stopped to purchase lemonade ranged in age from 14-50 years old, and there was a mix of gender, occupations etc. Customers could pay anywhere between $1 and $3 for a cup of lemonade — they could decide the price. The authors comment that the high price was justified by the fact that the customers got to keep the high quality plastic cup. After customers drank their lemonade they also completed a survey.
More people stopped buying lemonade when the sign mentioned time (14%). In fact twice as many people stopped when the time was mentioned than when money was mentioned (7%). In addition, customers in the time condition paid more money for the lemonade (on average $2.50) compared to the money condition (on average $1.38). Interestingly, the control condition was in between on both of people stopping to purchase and the average price. In other words, mentioning time brought the most customers and the most money, mentioning money brought the least customers and the least money, and mentioning neither was in between. The same effect was true when customers filled out the satisfaction survey.
Now the above experiment proves our line that “time outweighs money”. People are more likely to buy if the time is mentioned rather than money.
WHY IS THAT?
As time is connected with our personal connection and money relates to materialistic things. So when we read something which mentions time instead of money that chances of our brain are more likely to connect with that thing. Thus, likely to attach with their purchases if there is a personal connection. The reason behind this is that time accentuates experiences and experience makes the personal connection.
But it is not true in every situation. There are people out there who value possession more than experiences. For them, their personal connection is money, not time. So know your audience well and use your words wisely to attract your target audience.
Also, Read| How sports is Affiliated to economics.