What’s in a name? Or any word, for that matter? A lot, it seems.
Take those rebate checks Uncle Sam will soon start mailing out. If the government really wants us to stimulate the economy by encouraging us to SPEND that money, they need a better name than “rebate.”
In a recent experiment, social psychologist Nicholas Epley of the University of Chicago Graduate School of Business discovered if you call a rebate a “bonus” instead, the recipients spend twice as much.
What’s in a name? A rose by any other name may smell as sweet, but calling a rebate a “bonus” stimulated a 100% increase in response!
Wait a minute, you’re thinking. You mean you can DOUBLE someone’s spending — just by substituting one word for another?
Yes! In fact, finding and using exactly the right word(s) to stimulate spending is what makes a good copywriter worth the money.