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Look But Don’t Touch!
Posted By Ron On August 14, 2009 @ 5:00 AM In Business,Frugality,Money | Comments Disabled
In the Journal of Judgment and Decision Making , I found an article about the power of touch, but probably not the kind of touch you’re thinking of. It’s the kind of touch a toddler has when he says, “MINE, MINE, MINE!” According to the Journal, there is a part in all of us that never really grows up.
Researchers tested how simply holding an item before buying it affects how much people are willing to pay for it. A simple experiment with an inexpensive coffee mug revealed that in many cases, simply holding the mug for a few seconds created an attachment that led people to pay more for the item. Those who held the mug longer than a few seconds felt not only more compelled to outbid others in an auction setting, but they were also more willing to bid more than the retail price for that item.
“The amazing part of this study is that people can become almost immediately attached to something as insignificant as a mug,” said study author James Wolf. “By simply touching the mug and feeling it in their hands, many people begin to feel like the mug is, in fact, their mug. Once they begin to feel it is theirs, they are motivated  to keep it and willing to go to greater lengths to do so. Strong feelings of ownership can begin in as little as 30 seconds after initial contact.
“The strength of this attachment seems to increase with greater physical contact. And one explanation is loss aversion; that is, the longer people have an object, the stronger their attachment and their eagerness to keep it. People become attached and they are willing to pay much more to avoid losing that object,” according to study co-author, Waleed Muhanna.
One of the greatest sales trainers of all time, Zig Ziglar, calls this his “Puppy Dog Close.” He is referring to the pet store owner who allows a family to take a puppy home for a day or so, to “see how they like him.” Of course, once the little pup is in the home, the kids will never allow Dad to take him back!
First, stay out of the mall and away from the car dealers! But if you’re there, look, but don’t touch. Like Momma said, “Keep your hands to yourself!”
Hands that are kept in your pockets always know where the cash is!
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