Friday, 17 October 2014

Friday Research: Holymackerel, Don't Let Your Customer Buy and Avoid Buyer’s Remorse

When Will You Use This?  

Developing tactics in order to increase customer satisfaction.

What’s The Red-Letter Bite Today? 

We all know this feeling: it’s the last day of the month, your wallet is light as a feather.. Suddenly, you get seduced by a very attractive ad and buy a new pair of beautiful pumps. Just like that. They are really beautiful but you suddenly get mixed feelings: satisfied and guilty.

Current studies* measured satisfaction from purchases made with the last of participants’ financial resources. Results revealed less satisfaction with a purchase if someone thinks it will be difficult or take a long time to replenish their budget.

On the other hand, if someone comes into money without any effort—like winning cash from a contest or a lottery—they are more satisfied with their purchases if funds were running low compared to if they already had plenty of financial resources.

So Happy, So Broke!

Addition To Your Bag of Tricks    

As authors suggest, "brands looking to increase customer satisfaction can run product promotions during times of the month when they believe consumers have more money in their budgets. Additionally, to reduce the pain of spending one’s last dollar and increase product satisfaction, brands can use coupons and special pricing incentives at times of the month when they believe consumers have exhausted their budgets."

*Soster R.L., Gershoff A.D., and Bearden W.O. “The Bottom Dollar Effect: The Influence of Spending to Zero on Pain of Payment and Satisfaction.” Journal of Consumer Research: October 2014 {Thanks for the material}

P.S. When you’re done reading, I’d love for you to share your experience with increasing customer satisfaction? Leave a comment or Tweet me, let's chat!

P.P.S. Need some help on crafting your marketing message? Let's do this together.

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