Thought
I ran across a blog this morning that suggested that dollar signs or the lack thereof mattered when it came to significantly increasing a restaurant patrons spend. Just for sake of discussion I visited a couple of ILS’s; Apartment Finder, For Rent and Apartment Guide and found that all of them use $ when demonstrating price.
Restaurants use it successfully
The Food Section: Restaurant Menus, Dollar Signs, and Spending
A new study by the Center for Hospitality Research at the Cornell University School of Hotel Administration reveals that the way in which prices are displayed on restaurant menus has an impact on the amount of spending by diners.It’s Not Normal – Does that make it remarkable?In the spirit of being remarkable or memorable – would it make a difference? Would it give cause for a prospect to inquire about the higher priced apartments and or would it allow us to push rates with no real consequence to our leasing efforts? Is it worth testing to see if it works in our space?
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Do Signs Matter When Renting an Apartment?:
Thought I ran across a blog this morning that suggested that dollar.. http://tinyurl.com/mkppoa
This comment was originally posted on Twitter
Do Signs Matter When Renting an Apartment? http://bit.ly/Dzqqb
This comment was originally posted on Twitter
Hi Mike,
This article is interesting. It is surely easy enough to do, and we will be removing the dollar signs from all of our web content. It is however a little more difficult to test the effectiveness, but it made me think about how we bundle together what we have our prospect tour.
For instance, if you believe or practice the theory of only showing a prospect two apartment styles, I assume we could bundle together one of which would be higher priced, and maybe with that one push the price, and attempt to test and record the rate at which the higher priced unit was picked.
You could also do the reverse test, by pushing up the rent on the lesser desirable unit
E,
Thank you as always for taking time –
I concur, it will be much more difficult to measure the effectiveness in our space vs. the restaurant space but maybe worth a shot. I will be interested to see if you achieve some success with it. The one thing I have concern over is prospects confusing price with sq ft. – do you think that would be an issue?
Hope you had a great 4th.
M
RE: @mbrewer E,
Thank you as always for taking time –
I concur, it will be much more difficult to measure the ef… http://disq.us/u9m
This comment was originally posted on Twitter
Mike, Good Morning
Square Footage price comparison is always an issue for us. Our units are mostly studio and small one bedroom, with sizes fro 360 S/F to 550 S/F with rents from $995 to $1150, so our price point per S/F is already almost double of what teh gut across the street is
E,
Good point –
Hey, did I miss part of your comment? It cut off at …guy across the street is…
Just curious.
M