What's your $1 hot dog strategy?
The MOM team stumbled across this fantastic 2-minute video on LinkedIn. It's about the term 'recency bias' which states 'the most recent experience is what people are going to remember more and place weight on'. This sounds really obvious, but who would have thought that's why Ikea sells $1 hot dogs?
Curious? Take two minutes out of your day to watch. You won't be disappointed.
Now that you've watched it, how are you implementing this strategy?
The theory is that recency bias could recoat memory for overall experience. This could mean that after a guest checks out and leaves your property, if you give them something nice at the end, then that's their most recent memory of you. You want this to be a positive memory with the objective of them becoming a valued, repeat guest.
'Something nice' doesn't have to be tangible like a bag of lollies and a personal note (which a holiday park we work with does). It could be personalised, triggered correspondence. Or, if they leave a review, a tailored and thoughtful response is provided quickly. This response demonstrates they are being listened to and their opinion and feedback, whether it's positive or negative, matters.
So, what's your $1 hot dog strategy?
As always, if you would like to discuss things further with the MOM team please feel free to contact us.