Almost anything can be collected, but to promote collectibility of your products, you should release them in identifiable sets (Carey, 2008). Use names, symbols or colors to connect products. Even subtle additions like a numbering system can turn a mere range of products into a collection.
Self-identity is a primary motive for collecting (Smith et al., 2008), so creating distinction through scarcity (“I have this but you don’t”) is key to increasing consumer status. Hold back or stop supply of certain items to create a secondary market.
Create a community to foster social value of your collection. This provides social acceptance - one of the core reasons people collect (McIntosh and Schmeichel, 2004). Social also heightens resell value.
Release collectibles in waves overtime (Bianchi, 1998). This will increase the overall enjoyment of the experience and increase the desire to collect. Never saturate the market with too many sets, variations within sets or too many limited editions (Hood, 2006). Overproduction will kill the magic and therefore consumers’ ongoing desire to collect. Don't make the pursuit too easy to achieve (Csikszentmihalyi, 1990), but also not so large a task as to be out of the reach of your audience (McIntosh and Schmeichel, 2004).
20 people were split into two groups. Half were asked to read the story of an unknown cosmetics brand & product and shown a photo of the store. Half were not given a story or photo. All were then asked for an estimation of the product’s cost range.
Those in the Story Group saw the item as of higher value and were twice as willing to payfor it.
Use the Fairy Tale Framework. Ensure that your brand story has a beginning, middle and end. Add in a conflict and define one easy-to-summarize message (Fog et. al, 2005). This should be told by identifiable characters who resolve the conflict, restore harmony and allow the brand to be valued positively. Add unexpected twists and finish on an emotional high, often the part most remembered (Guber, 2007).
Create positive persuasion, catching consumer interest and convincing through ‘narrative transportation’, where, once immersed in a story, the viewer’s mind alters (Escalas, 2004a). Stories trigger warmer, more upbeat feelings than regular ads, raise brand uniqueness, allow for product features to be conveyed without feeling commercial and are remembered by consumers in multiple ways: factually, visually and emotionally (Rosen, 2000).
88 students were told about an exercise training camp and split into 2 groups: either having a choice about the four fitness programs on offer or having one randomly assigned. They were then asked to rate their anticipated satisfaction of the program out of 9.
Those given some autonomy reported higher levels of anticipated satisfaction than those who weren’t.
Choice = autonomy = certainty.
For instance, giving people a choice to still use the old version of your software platform for a given timeframe will reduce anxiety and uncertainty.
Product type matters.
People desire autonomy for pleasure purchases (i.e. vacations) more than for practical ones (i.e. business trips).
Place more focus on the former in order to maximise feelings of control and consumer satisfaction (Botti & McGill, 2011).
Change behavior with the ‘4As’.
Feeling that any change originated from within is vital.
Ask about the behavior, advise them impartially of the facts and of better routes, but that they must make their own choice.
If keen to change, assist them to make a commitment to do so by a given date, and arrange a follow-up to support this behavior change.
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