If you’ve ever seen someone complain about a pricey cup of coffee and then get into a BMW and angrily zoom off, you may wonder why does someone in a high-end car complain about a few dollars more for a better cup of coffee?
The truth is; people are quirky when it comes to money and much of their attitude stems from how and where they were raised, and what their values became as they’ve grown older. Money itself is only of value for what it can and cannot do for you. Therefore, the significance of money ranges from fear of not having enough to the great power that can come from great wealth. Yet sometimes people who should be concerned about their spending don’t accept their situation, which explains why so many people are in debt. Conversely, people who have more than enough money to last a lifetime may still hold onto that ingrained fear of not having enough, which may stem from childhood and cause them to be overly cautious.
The Psychology of Money
It’s also said that happiness, wealth and love are considered the three most important values. Yet, people with a lot of money can be unhappy. Studies of Lottery winners show that often, after the thrill of winning subsides, they aren’t much happier than they were before. In fact, a study by a professor of social psychology at Florida State University, Roy F. Baumeister, notes that most people will be more upset about losing $50 than about gaining $50. We’ve all seen movies in which love wins out over money and the lead character walks away from the wealth to be with the one they adore. And, let’s not forget the song lyric “money can’t buy you love.”
Yes, people are quirky when it comes to money and values. Clearly the person noted above values a stylish car like a BMW, but unlike a coffee aficionado, does not put much stock in a specialty brew.
As a business person, you can’t control where people put their values when it comes to money. In our business we try very hard to maintain fair and competitive prices for top quality window replacements. The response from customers, however, will be predicated on where window replacements fall into their overall value system. If, for example, a couple is planning to buy a boat and get window replacements, the value of each will be weighed and typically one will be of a higher value, while the other will be about saving money.
So, What Can You Do?
The best you can do is let people know you are good at what you do. We share what we stand for such as integrity, competency and reliability. We also point to our high ratings and excellent reviews and try to establish a good rapport with our customers. Some will recognize our value proposition and some will opt for a cheaper alternative from a competitor and buy a better boat. Like I said, people are quirky with their money and have their own value system. We’ve been fortunately that the values of many customers, and return customers, have aligned with what we offer.