With our busy lives nowadays, we can’t always attend every meeting, birthday or SALE that we want to attend. So occasionally we miss out on deals and special offers; that’s life. But do we regret this, and more importantly, does this affect our decision-making?
The fee-effect: Increase sales by offering a product promotion for a symbolic price instead of for free
So people love free stuff. Always have, always will. Especially the Dutchies. We crave for free stuff, but that’s another discussion. But is free always the best option?
If you’re a marketer or entrepreneur and you tend to give away promotion products for free in order to generate more sales or bind customers: keep reading. All this time you have been doing it completely wrong.
I vividly remember reading a cool article last year. Scientist found that words that sound alike could trigger the same brain areas. Specifically they found that ‘bye now’ and ‘buy now’ were closely linked together. It was good to know that the hidden gems from the scientific journals still found their way to us marketers. But after that it got quiet. Where was I going to get those latest juicy insights?
We all know them. The commercials around that time of the year, when the days are short and it’s cold outside. When we have dinner with all of our family, are overloaded with presents and we feel the love (except for your mother in law, maybe). I’m talking about Christmas.
An advertisement has a lot of components you need to think about: size, placement, the tone of voice, the logo, the photo, the offer and much more. It’s mind-boggling. And yet, most advertisements are created on nothing more than a gut feeling, with no scientific background whatsoever. And alas, the effectiveness of an advertisement is mostly measured on their overall click through ratio (CTR). Thus, we don’t really know which components of the advertisement are working well, and which ones need improvement.