New research shows that people are happier spending money on experiences instead of on stuff.
We remember our experiences – big or small – more fondly than material items.
No wonder Starbucks is successful. It’s positioned as a social pleasure and not as a $3 cup of coffee.
Pleasure travel expenditures were also found to bring more happiness than the same amount spent on a material purchase.
While the research is new, it goes to the heart of oldest sales principle – feature, function, benefit. Sell the benefit of how the purchase will make the buyer feel.
Take a look at this interview transcript. Then step out from behind the desk and see how your product or service can be better translated into an experience for your internal or external customer.
– Don Kincaid