Will it make your customers look good?
As neuromarketing experts, we understand that our behaviour is shaped by a plethora of factors, and social image is just one of them. This interesting study highlights just how influential it is...
In a recent experiment, a group of customers of the Bank of Indonesia were offered a Platinum credit card, supposedly reserved for the wealthiest individuals. Through its exclusivity, the credit card served as a symbol of status and success.
Interestingly, the greatest demand for the card was proved to have come from customers with lower incomes, who presumably had a greater need to signal high status than higher-earning people. The difference is clear in the graph below:
Furthering the theory that the credit card served as a symbol of status, the Platinum card owners were more likely to use it in high visibility social situations (such as bars, restaurants) than in non-visible ones (e.g. online purchases).
"These experiments show that social image can help predict what decisions people make in different circumstances, with some leveraging the social image actively to change human behaviour." - Robert Metcalfe
Discover more about this study in this year's Behavioural Economics Guide - it's filled with many other such gems... You can access it here.
- Social image has been proven to have a considerable impact on customer decision-making;
- You can access more behavioural economics insights in the latest guide (here).