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April 28, 2009

Time vs. Money

Thanks to the state of the economy we are all inundated with recession specials and discount pricing. In fact, many of us are loathe to buy something that ISN’T on sale. However, a new study from Stanford Business School entitled “The Time vs. Money Effect” learns that pitches that focus on the value of time are far attractive, enticing, and appealing than those that focus on money. The study, detail in the Wall Street Journal Article, Why Tie Marketing to Time Not Money, also seems to indicate that even post-purchase, consumers report about their belongings more favorably when prompted to consider their time and experience with the item rather than the value or monetary investment associated. This finding certainly seems worth taking into account when rethinking your marketing messages, pitch language, and promotions!

(photo courtesy of bluebicicletta's etsy shop).

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