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‘Tis the season to be jolly falalalala lalalala…
In the previous editions of Kwerks, we’ve been learning how cognitive biases affect a person’s decision-making process, and how we as marketers and founders can leverage that.
But since it’s the holiday season, and everyone is thinking of buying the perfect gift for their loved ones, I thought of making this week’s newsletter a gifting buying guide to help you all.
Let’s get into the tips.
Just ask them:
When buying gifts, shoppers often try to predict what the receiver would like, thinking they share the same tastes.
For example, If you like superhero toys, it’s very tempting to give something similar, even if the recipient’s tastes are opposite to yours.
Research has shown that people are not very good at predicting what their friends and family members would like. A gift that is exactly what someone asked for might seem lacking in creativity, but has a better chance of success.
This is due to projection bias - a phenomenon that describes how people believe others hold the same beliefs and values as they do — and will in the future.
Focus on the long term:
Research has shown that gift-givers tend to focus on the moment of exchange when selecting a gift, whereas gift recipients are more focused on the long-term utility or practical attributes of the gift.
“We exchange gifts with the people we care about, in part, in an effort to make them happy and strengthen our relationships with them,” Galak added. “By considering how valuable gifts might be over the course of the recipient’s ownership of them, rather than how much of a smile it might put on recipients’ faces when they are opened, we can meet these goals and provide useful well-received gifts.”
How much should you spend?
How much is too much? How little is too little? The ultimate question every gift-giver has!
You all are in for a surprise on this one!
Research conducted by Flynn, F.J., & Adams, found that gift-givers expected a positive correlation between how much they spent on a gift and the extent to which gift-recipients would appreciate the gift because gift-givers assume that more expensive gifts convey a higher level of thoughtfulness. Gift recipients, in contrast, reported no such association between gift price and their actual feelings of appreciation.
No amount of money can buy love, my friend! Also,
Perfect gift matrix:
For those who are thinking of the perfect gift to buy, here’s a decision matrix that will help you:
Gamble gift - Gifts that the recipient is considering buying for themselves. It’s perfect when the recipient gets exactly what they wanted, but it could backfire if they get a less preferred one.
Grocery list gifts - Don’t get gifts that people consider as “have-to-buy” items. It’s the worst that could happen.
Recycling gifts - When you gift something that the recipient does not want and would never pay for, that gift is either going to be returned back to you or regifted to someone else in a few months.
The perfect gift - The trick is to find things that people want to own, but would feel guilty buying for themselves. So when they get it as a gift, without spending money on it, it’s perfect.
Behavioral science to the rescue, once again! Happy gifting!
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