I recently heard an interview of Charles Munger, vice chairman of Berkshire Hathaway and business partner of Warren Buffett. One of his interesting observations was, “It’s not greed that’s driving the U.S. economy; it’s envy!”
Remember to include envy and status as emotional triggers in marketing messages.
Many, if not most, recently engaged to be married young couples shop for the bride-to-be’s engagement ring together. When shopping for the ring, the bride will think about the style of the ring and gemstone she likes, and also is excited to show the ring to her friends. She might be comparing the style of the ring and the type and size of gemstone to those of her friends and relations. When we meet a newly-engaged couple, the first thing we say after “Congratulations!” is, “Show me your ring!”
Raving Apple fans just have to have the latest iPhone, and will line up for hours to get one. There is also a subscription service available to automatically upgrade for every new iPhone release.
Football fans love to have the latest large-screen television to invite their friends for football-watching parties.
Neighbors might compare the car they drive with those of other neighbors. Professionals and high-earning individuals might compete with their peers for the coolest luxury vehicle or sports car, featuring the latest technology options and capable of high speeds that are only permitted on race tracks. In any case, buying a new car is a major purchase and a good reason to celebrate with family and friends, who examine them inside and out.
When thinking of what features and benefits to emphasize for your product or service, remember to consider whether it’s appropriate to include envy and status as emotional triggers.