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Remember the definition of the value proposition as a startup while designing yours: "A product's value proposition is a declaration of the functional, emotional, and self-expressive benefits offered by the brand that delivers value to the target consumer."
When it comes to products that evoke emotion, people are willing to pay a premium. But what happens when those same products go on sale? A new study finds that people attribute discounts on emotional products to the merchant, feeling that the company is doing them a favor, rather than the product itself.
This has important implications for businesses, particularly when it comes to clearance sales and end-of-season markdowns. The findings suggest that businesses should be careful about how they frame these sales, as discounts on emotional items may not entice customers in the way they expect.
When it comes to the things we buy, we often choose products based on emotional factors rather than logic. This is especially true for items that we view as gifts or investments. We want to feel good about our purchase, and so we're willing to spend a little extra to get the perfect item. But what happens when the thing we're buying is already expensive? We may be hesitant to spend even more, but new research shows that we're more likely than ever to attribute discounts to products that evoke strong emotions.
It's not just big purchases either; even small things like candy or clothes are often chosen based on how they make us feel. If we're feeling happy, we might choose a bright-colored shirt. If we're feeling sad, we might reach for comfort food. Our emotions play a big role in the decisions we make, even if we don't realize it.
Next time you're about to make a purchase, take a step back and think about why you're really buying it.
In our daily lives, we are constantly making decisions based on our emotions. Whether we are aware of it or not, our emotions play a role in everything from the food we eat to the clothes we wear. Even when it comes to more practical matters, like choosing a new car, our emotions can influence our decision-making.
When it comes to attribute discounts to emotional products, companies are increasingly using emotional marketing techniques to appeal to consumers. By offering discounts or other incentives, companies can encourage customers to buy products that they may not have otherwise considered.
When it comes to the items we purchase, we often attribute certain characteristics to them in order to justify why they cost what they do. For example, a $200 pair of shoes must be better quality than a $50 pair because we are spending more money on them. However, when it comes to emotional products - such as clothing - we are more likely to attribute discounts to these items rather than the quality.
A new study has found that people are more likely to attribute discounts to emotional products. The research, conducted by a team of psychologists at the University of Toronto, found that people are more likely to believe that a product is discounted because it is emotionally powerful.
The study's authors say that the findings suggest that people are more likely to be swayed by emotions when making decisions about products. They say that marketers and advertisers should take this into account when designing campaigns and pricing strategies.
Are you curious about how to apply this bias in experimentation? We've got that information available for you!