DesignBiz Rx Weblog

The June edition of Psychological Science published the results from six experiments conducted by psychologists and a marketing professor that tested the power of money in relation to social interaction. In one of the most startling results, they found that merely touching money or thinking about expenses affected participants both physically and emotionally.

In one experiment volunteers were asked to take a “finger-dexterity” test, one group counted stacks of $100 bills, while the other group counted paper. Afterwards both groups were but into a social interaction simulation where they were meant to feel snubbed and isolated. The group that counted out the money before the simulation rated their level of social distress much lower than the group that counted paper.

In another experiment, the same “finger-dexterity” test was taken and then the volunteers were asked to dip a finger in very hot (122 degree) water. Those who counted the money rated their pain as lower than those who counted paper.

The pain test was then repeated but with the volunteers now writing about either their expenses the previous month, or the weather. After the finger dip, those who wrote about spending their money rated their pain as higher than those who wrote about the weather!

“These effects speak to the power of money, even as a symbol, to change perceptions of very real feelings,” like pain, said Kathleen Vohs, a marketing professor at the University of Minnesota and co-author of the study.

What does this mean for the designer? It’s just one more thing to consider when presenting the project costs. Clients need to feel comfortable enough with the potential of your work to transform their lives and their interiors to offset the real and psychological pain of letting go some of their hard-earned money! It’s about making sure the client understands the value–both immediate and long term–of investing in their home décor; so that the experiential satisfaction they get from the process and the results more than offsets the purchasing pain.

See more about this on Live Science. Within that article are also links that discuss the value of “experiential” purchases vs. “product” purchases.