Ask any consumer what they intend to spend for any coming holiday, and they\u2019ll tell you, \u201cNot much.\u201d The media seems to support this with stories of closing small businesses, retailers heading into bankruptcy and of course, the crushing economy.<\/p>\n
But did you know that as a nation, the United States spent record-breaking amounts during the holidays?<\/p>\n
We all claim to want to cut back, but the data shows that we often go over budget. By how much? Check out\u00a0this infographic\u00a0on Mashable.<\/p>\n
It looks like savvy marketers around the world cracked the code. So how did they do it?<\/p>\n
We\u2019re far away from the holidays, but starting to think about your plans now is critical to win.\u00a0Here are 5 way to get even the most frugal consumer to be more open with their pocketbook.<\/p>\n
Let\u2019s start with the obvious one: the sale.<\/p>\n
But not just any sale. People expect more during the holidays. Cutting your price by 20% may do well any other day of the year, but during the holidays\u2026 that can serve to\u00a0turn people off<\/em>.<\/p>\n So if you don\u2019t want to cut your price by 50%, 60% or even 75% (as the big retailers do), then here\u2019s an idea: use surprise to your advantage.<\/p>\n If people expect a crazy discount and you deliver a modest one, they become disappointed. If you deliver what they expected, they become a satisfied customer. But if you give them what they don\u2019t expect \u2013 even if it is of a less monetary value \u2013 they become raving fans.<\/p>\n Here are a few ways to do that:<\/p>\n The holidays are a time when we reflect on our lives. We ask ourselves, \u201cWhat have I achieved thus far,\u201d \u2013 a question that inevitably leads you down memory lane.<\/p>\n Remember the good old days when you can run around your neighbourhood and not worry about drunk drivers and dangerous neighbours? Remember the good old days when kids play arcade games?<\/p>\n Pretty soon you find yourself wishing you\u2019re a teenager again. It\u2019s a condition so common, psychologists have a name for it: holiday nostalgia.<\/p>\n Some even theorizes that the whole reason why we behave as we do during the holidays is to recreate our childhood memories \u2013 the smell of pinewood, the sight of Santa, the jingles, the soft socks and of course, the delicacies.<\/p>\n Companies who know this often use nostalgia-inducing ads and themes to hook in customers.<\/p>\n They know that during trying times, people\u00a0always<\/em>\u00a0desire the past. They can\u2019t travel back in time, of course, so their subconscious mind settles for the next best thing: an object that reminds them of that time.<\/p>\n Objects such as food, fashion style, jingles, logos and atmosphere.<\/p>\n Nostalgia, of course, isn\u2019t a good fit for ALL businesses. If you\u2019re the owner of one of those businesses, try this: hope.<\/p>\n Every New Year, for example, we set ourselves a new list of goals because we hope for a better future.<\/p>\n Products that promises to fulfil that desire, win dollars.<\/p>\n This is why we see a surge of advertisements for weight loss miracles \u2013 while we stuff down turkeys. And continually get offers from businesses who swear they will \u201cteach how to make millions online\u201d \u2013 while we burn cash on gifts.<\/p>\n But you don\u2019t have to pull a fast one to profit from people\u2019s need to live a better life.<\/p>\n Here are some of the most common \u201cwishes\u201d people have during the holidays \u2013 see how your products fit into these desires:<\/p>\n This is perhaps the most important reason why people spend the amount they spend during the holidays. Let me explain.<\/p>\n You see, we all form a belief system to navigate around the world, and we keep the different beliefs we have, consistent (or at least we try to). If we have two beliefs that conflict, that causes a \u201ccognitive dissonance\u201d \u2013 a mental discomfort much like an itch for the mind.<\/p>\n We reduce this discomfort by realigning the conflicting beliefs.<\/p>\n For example, we all believe that we are intelligent human beings who are also financially sensible. So unless there\u2019s a rationalization that we can use, we control ourselves from any frivolous purchases.<\/p>\n There are many rationalizations people use to buy stuff they don\u2019t need, but today, I want to talk only about the holidays.<\/p>\n The holidays are like a checkpoint in the rat race. It gives us an excuse to do what we really want to do without introducing dissonance. This is a once-in-a-year thing, we tell ourselves. I will start saving\/dieting\/working\/etc after this is over.<\/p>\n So we eat more than we usually do. We buy things we don\u2019t normally buy. We drink stuff we don\u2019t normally drink. And we do things we don\u2019t normally do (eg: go for a vacation).<\/p>\n In fact, this is true of any uncommon event. It\u2019s why there\u2019s such a thing as a \u201cvacation fling.\u201d<\/p>\n Assuming they already have a desire for your products, that\u2019s all people needed \u2013 an excuse from you, to buy your stuff. You\u2019ve seen this in multiple ads over the years: \u201cgive yourself a break,\u201d \u201cgive yourself a makeover this Christmas,\u201d \u201cisn\u2019t it time you gave yourself a Christmas gift,\u201d and \u201cwhy wait?\u201d<\/p>\n These ads didn\u2019t sell the product, they simply sold the excuse.<\/p>\n Volunteering skyrockets during the holidays and charities bask in cash. We have all been taught that this is a season of giving.<\/p>\n So why not help people do that?<\/p>\n Instead of taking 50% off your retail price, donate 20% of your proceeds to charity. Instead of providing free service, why not advertise the fact that your company volunteers in a local charity?<\/p>\n Or, get this, instead of aligning your campaign around how much you cut your price, why not align your brand with a particular cause over the holidays?<\/p>\n Not only will you boost sales, you\u2019ll also have built your brand \u2013 the results of which you can enjoy for the rest of the New Year.<\/p>\n","protected":false},"excerpt":{"rendered":" Ask any consumer what they intend to spend for any coming holiday, and they\u2019ll tell you, \u201cNot much.\u201d The media … <\/p>\n\n
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2. Nostalgia<\/strong><\/h2>\n
3. Hope<\/strong><\/h2>\n
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4. An excuse<\/strong><\/h2>\n
5. Altruism<\/strong><\/h2>\n