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Business Marketing

The psychology of losing something

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A few months ago, I received a very nice email from Gist. They basically said, “Hey, we miss you”, you haven’t logged on lately or something like that. (Ignore…too busy…)

Two weeks later I received another email from them basically saying, if I didn’t log on my account would be suspended in 21 days. They hoped I would stay, but it was a nice warning.

Oh no, I didn’t want my account suspended, I was just busy, or had gotten out of the habit of logging on.

So I went and logged on and do so just about every morning.

PSYCHOLOGY

I am not a Psychologist, and don’t pretend to be one. But, there is something about being told my account was being suspended for lack of use that compelled me to log on. I didn’t want to lose my account.

Fear of loss can be a powerful motivator in life.

LEADS

So I thought to myself, hey if this worked for me…perhaps it would work for some of the buyers that have been searching for homes for years on my site but never bought or responded to any emails. So I chose about 15 or so, and composed an email.

Hi

You have been logging on and searching for homes on my site, SearchAnnArborHouses for 350 days. We are cleaning up our data base and if you are not in the market to buy or your plans have changed let us know as we are going to be deleting your account.

We hope you will stay, just log on and let us know what is happening in your home search.

THE RESULTS

Overwhelmingly the results were positive with the consumer telling us a little more about their plans, saying they enjoyed the site and were just not in a position to buy. Some were getting familiar with the area, some were looking for their college bound kids, in a few years.

One had already bought, and one was not moving here.

There was only about 3 we didn’t hear from and that is pretty darn good. So we heard from 2/3’s by merely contacting them and asking for a response or their account would be deleted.

Sometimes you don’t know what you have until you think you are going to lose it.

Written by Missy Caulk, Associate Broker at Keller Williams Ann Arbor. Missy is the author of Ann Arbor Real Estate Talk and Blog Ann Arbor, and is also the Director for the Ann Arbor Area Board of Realtors and Member of MLS and Grievance Committee's.

Business Marketing

How Nestle’s emotional branding converted a nation into coffee drinkers

(BUSINESS MARKETING) Nestle hired a psychoanalyst to convert a nation to coffee with long term, science backed strategies connected to why we like what we like.

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nestle japan coffee

When Nestle first attempted to market coffee in Japan in the 1970s, it did not go well. Though their products tested well with audiences and was priced affordably, sales never took off. Nestle was committed to break into the profitable Japanese market and embarked on research that would inform an innovative new strategy going forward.

Nestle hired French social psychologist, Dr. Clotaire Rapaille, who specialized in the emotional bonds people form with objects. Dr. Rapaille conducted various experiments with participant groups to better understand why people were not buying coffee in the Japanese market. In one such experiment, Dr. Rapaille played calming music while participants lay on the ground. He asked them to talk through early childhood memories. He then asked participants to share experiences and emotions they associated with various products from their childhoods.

Participants did so, except when it came to coffee. Most had no memories of coffee and therefore no emotional bond to it. Japan had long been a tea drinking society, very few sections of society included coffee drinkers. Sales reflected the lack of cultural familiarity with coffee; it was not part of Japanese life. This understanding from Dr. Rapaille’s research sparked a bold marketing move with a long-term strategy in mind.

Nestle created coffee-flavored chocolate and marketed them to children. Introducing the flavor of coffee to Japanese youth while at an early age would not only imprint the flavor profile on them, but they would associate the flavor with positive emotions. Nestle tested, manufactured, and sold their coffee-flavored chocolate in Japan. They were immediately popular with youth and eventually with their curious parents who wanted to give the flavor a try.

A reentry into the coffee market by Nestle years later was met with a different response than the first attempt. The kids that grew up with coffee-flavored candies were now a part of the workforce and ready to become coffee drinkers. Today, Nestle imports nearly 500 million tons of coffee per year.

What began with a failed attempt at entering the coffee market resulted in a long-term strategy that proved that strong emotional bonds with customers can build strong sales.

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Business Marketing

How many hours of the work week are actually efficient?

(BUSINESS MARKETING) Working more for that paycheck, more hours each week, on the weekends, on holidays can actually hurt productivity. So don’t do that, stay efficient.

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work week rush

Social media is always flooded with promises to get in shape, eat healthier and…hustle?

In hustle culture, it seems as though there’s no such thing as too much work. Nights, weekends and holidays are really just more time to be pushing towards your dreams and hobbies are just side hustles waiting to be monetized. Plus, with freelancing on the rise, there really is nothing stopping someone from making the most out of their 24 hours.

Hustle culture will have you believe that a full-time job isn’t enough. Is that true?

Although it’s a bit outdated, Gallup’s 2014 report on full-time US workers gives us an alarming glimpse into the effects of the hustle. For starters, 50% of full-time workers reported working over 40 hours a week – in fact, the average weekly hours for salaried employees was up to 49 hours.

So, what’s the deal with 40 hours anyway? The 40 hour work-week actually started with labor rights activists in the 1800s pushing for an 8 hour workday. In 1817, Robert Owen, a Welsh activist, reasoned this workday provided: “eight hours labor, eight hours recreation, eight hours rest.”

If you do the math, that’s a whopping 66% of the day devoted to personal needs, rather than labor!

Of course, it’s only natural to be skeptical of logic from two centuries ago coloring the way we do business in the 21st century. For starters, there’s plenty of labor to be done outside of the labor you’re paid to do. Meal prep, house cleaning, child care…that’s all work that needs to be done. It’s also all work that some of your favorite influencers are paying to get done while they pursue the “hustle.” For the average human, that would all be additional work to fall in the ‘recreation’ category.

But I digress. Is 40 hours a week really enough in the modern age? After all, average hours in the United States have increased.

Well…probably not. In fact, when hours are reduced (France, for instance, limited maximum hours to 35 hours a week, instead of 40), workers are not only more likely to be healthier and happier, but more efficient and less likely to miss work!

So, instead of following through with the goal to work more this year, maybe consider slowing the hustle. It might actually be more effective in the long run!

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Business Marketing

Snapchat’s study reveals our growing reliance on video

(BUSINESS MARKETING) Snapchat released a report that shows some useful insights for future video content creation.

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Snapchat's video

Snapchat is taking a break from restoring people’s streaks to publish a report on mobile video access; according to Social Media Today, the report holds potentially vital information about how customers use their mobile devices to view content.

And–surprise, surprise–it turns out we’re using our phones to consume a lot more media than we did six years ago.

The obvious takeaways from this study are listed all over the place, and not even necessarily courtesy of Snapchat. People are using their phones substantially more often than they have in the past five years, and with everyone staying home, it’s reasonable to expect more engagement and more overall screen time.

However, there are a couple of insights that stand out from Snapchat’s study.

Firstly, the “Stories” feature that you see just about everywhere now is considered one of the most popular–and, thus, most lucrative–forms of video content. 82 percent of Snapchat users in the study said that they watched at least one Snapchat Story every day, with the majority of stories being under ten minutes.

This is a stark contrast to the 52 percent of those polled who said they watched a TV show each day and the 49 percent who said they consumed some “premium” style of short-form video (e.g., YouTube). You’ll notice that this flies in the face of some schools of thought regarding content creation on larger platforms like YouTube or Instagram.

Equally as important is Snapchat’s “personal” factor, which is the intimate, one-on-one-ish atmosphere cultivated by Snapchat features. Per Snapchat’s report, this is the prime component in helping an engaging video achieve the other two pillars of success: making it relatable and worthy of sharing.

Those three pillars–being personal, relatable, and share-worthy–are the components of any successful “short-form” video, Snapchat says.

Snapchat also reported that of the users polled, the majority claimed Snapchat made them feel more connected to their fellow users than comparable social media sites (e.g., Instagram or Facebook). Perhaps unsurprisingly, the next-closest social media platform vis-a-vis interpersonal connection was TikTok–something for which you can probably see the nexus to Snapchat.

We know phone use is increasing, and we know that distanced forms of social expression were popular even before a pandemic floored the world; however, this report demonstrates a paradigm shift in content creation that you’d have to be nuts not to check out for yourself.

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