Sunday, July 24, 2011

Profit from Pricing & Music

There's some interesting little sound-bytes on the power of music over on Business Insider at the moment. Here's a couple of bits and pieces they authors have missed...
  • A 2001 study by the University of Leicester Psychology Dept found that customers would pay more than GBP2.00 for a pint of beer when music was part of the ambience. The average response was GBP3.27 for a pint.
  • An 8 week restaurant study found that customers spent 11 mins more at a table when slow beat music was played (compared to fast beat music), resulting in their beverage spend increasing by 41%, and total gross margins increasing by 15%
  • But…staff in a data input centre processed 12.5% more vouchers when listening to fast music (compared to no music) and 22.3% more vouchers when compared to slow music

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