Saying Goodbye

It is always interesting when someone has such a strong tie to a material object. Cars are always in this category. People name them, call them their "baby" and talk to them. Some people go to great lengths to protect their car. I agree that keeping your car in great condition is essential for making it last.

 

What is more interesting is how people go through divestment rituals when they have to get rid a product, like their car. A divestment ritual, as explained by the book, are the steps people take to distance themselves from an object when they have to sell them or give them away.

There are three rituals the book describes:
- The iconic transfer ritual, where people take pictures with the objects before they sell them.
- The transition-place ritual, putting the items in a location out of the way.
- The ritual cleansing, washing, ironing or wrapping the item.

I understand why people feel like a part of them is being taken away when they have such a connection with an object. Personally, I don't have an extremely strong tie with any of the objects. I do hate throwing things away because I always feel like I will still need it. On the bright side, if you have to throw something away or give it away, you have room for something else!




Sources: Consumer Behavior, Tenth Edition, Michael Solomon

Pressed for Time

Why do we always feel like we don't have enough time? The book called this "time poverty" and explained it as more perception than based on factual evidence. I always feel like I have no time, or less time than I had in previous years. I think I have so much more to do and end up finishing everything in less time than I anticipated. There are more choices of things to do and wanting to do them all makes me feel pressed for time, when in reality I waste so much of my time.

An article from CNN, explains why they believe people feel this time constraint. "One problem is that our time has become more valuable. And as time becomes worth more money, we feel like we have less of it."

They performed an experiment where people were playing as consultants and were told they were going to be paid either $9 or $90. When they were told they were being paid $90, they thought that they were more pressed for time than if they were being paid $9.

This article also explains that people still feel more stressed about time, even when they have "me" time. But, their research found that if people helped others, like shoveling a neighbors driveway, they felt less stressed about their time. This is interesting because I would think after getting a massage, you would feel more relaxed and wouldn't think that helping others would make me feel less stressed about what I had to accomplish.

Products have been coming out to save people time. Such as, the Keurig Coffee pot where you don't have wait for a full pot of coffee. Other things that market their products as time savers have the potential to be very successful, especially when people think they are too busy to accomplish the tasks they need to.

The Price of "Free"

How many times have you gone into a store because you have a "Free" item coupon, but ended up getting more things at that store besides the "Free" item. I just did this recently and spent more than the "Free" item was worth (which I didn't even need and actually didn't really want).

In Predictably Irrational, Dan Ariely says that "Free is one of the most powerful ways to trigger behavior." This is completely true because I probably would not have gone to that store except for the "Free" item that I had to get, just because it was free. It is a way to get customers in the door, where they might actually spend more than they had anticipated.






I am also guilty of putting more in my online shopping cart, just to get the free shipping that would probably be less than the product I just bought. My rationale for this is that, I can buy a product (that I might need), for somewhat of a discount (e.g. the shipping cost). I know it is not a great rationale, but it works for me!

Free is an extremely influential way to get customers to go to a store or buy more items. People tend to go crazy for "Free", myself included.

The Power of Word-of-Mouth Communication

I really like your sweater, where did you get it?

I love my computer, I got it from...

The food at ... is really good, you should try it.

Word-of-mouth communication happens everyday, probably multiple times. Advice or recommendations that people receive from a trusted source, such as, a friend, family member, co-worker, etc., can be a very powerful tool for gaining more customers. People trust the recommendations that others give them, more than they will trust review sites and traditional ads. ***

http://socialmediatoday.com/gursharn/2000296/word-mouth-marketing-digital-space

Why is word-of-mouth successful? Shawn P. O'Connor states:

"While there’s no single formula for word-of-mouth success, I’ve found it often starts with creating a culture that encourages your clients to consider themselves valued partners in your business. Word-of-mouth referrals stem naturally from an unparalleled customer experience that fosters clients’ identification with your brand."

There can also be negative word-of-mouth, that could inhibit sales though. When people have bad customer service, or don't like something about a product or service, they like to tell others about it. It can damage a company's reputation and there can be loss of support or opportunities.***

With social media and the internet today, word of mouth can spread rapidly to many consumers.
Here are five examples of positive word-of-mouth that spread through social media. It can help the company or hinder their performance.

Are there any brands that you have avoided or purchased because of word of mouth?