Friday the 13th: Lucky 🍀 or Unlucky?
Paraskevidekatriaphobia is the fear 😱 of Friday the 13th.
If you asked someone to list a few factors that impact business performance, paraskevidekatriaphobia probably would not show up on the list 🗒. However, perhaps it should. A reported 9 percent of Americans are paraskevidekatriaphobics, and studies 🧐 show that $800 million to $900 million in business revenue is lost on that ominous date.
Chances are that most people have engaged 🤝 in some kind of superstitious behaviour in a business setting, whether it is by wearing a lucky suit 👔 to an interview or scheduling an important meeting in alignment with a good horoscope. Irrational? Yes, but according to Stuart Vyse, professor of psychology at Connecticut College, these actions are understandable, especially in times of economic 💲 uncertainty.
Although Vyse is not a proponent of irrational behaviour, he acknowledges that there are certain psychological benefits ✅. For example, more confidence and a sense of comfort, linked 🔗 to superstitious rituals. "Crazy or not, you feel better having done them."
Lauren Block and Thomas Kramer are the Lippert professor of marketing and associate professor of marketing and international business 💼, respectively, at Baruch College's Zicklin School of Business. They say businesses can take steps 👣 to mitigate losses on Friday the 13th, as well as capitalise on positive 👍 superstitions.
In a paper 📄 in the Journal of the Academy of Marketing Science, Block and Kramer pointed out some successful marketing campaigns based on the number seven 7️⃣, considered lucky in Western cultures. For instance, Wal-Mart's "Lucky in Love Wedding Search," which granted seven couples a free wedding 💍 ceremony and reception for 77 guests on the lucky date. According to Kramer, that campaign was successful 🌟.
On the other hand, hundreds of millions of dollars are lost 📉 on Friday the 13th because humans are naturally risk-averse. Although it is not always done consciously, there is a tendency toward less decision-making 🤔, Block says. However, by simply making people aware 👀 of superstitious behaviour, it can bring out their more rational side, reminding them it is just an ordinary day.
A home store, Crate & Barrel, ran a "Lucky You" campaign in 2008 on Friday the 13th. They played off the superstition 🐈⬛ and had people come out anyway. Because consumers are not always aware of the extent to which they rely on superstitions, this is perhaps one model that businesses can follow 🧭.
Additionally, calling 📞 attention to the cursed date certainly has not hurt the Friday the 13th movies. The franchise grew to 12 films 🎥 with its latest release, which came out on February 13th 2009 - a Friday. The first 11 films have earned a scary 😟 $350 million, and five of them have been released on a Friday the 13th.
Superstition and business do not openly mix 🥣 in Western cultures. However, in Asia, particularly in China and Taiwan, the two are intertwined.
According to research done by Block and Kramer, superstitions can influence the buying habits of Taiwanese people, especially where it concerns lucky or unlucky colours and numbers 🧮. The study revealed that Taiwanese consumers often paid more for a package of three tennis balls 🎾 than four because the number four is considered ill-omened. In Mandarin Chinese, the pronunciation of "four" is similar to that of "dead."
Another study found that Taiwanese consumers indicated they would be just as willing to pay 💵 NT$ [New Taiwan dollars] 342.63 (approximately $10) for a pack of eight tennis balls as they were to pay NT$227.10 for a pack of 10. To put that in perspective 👁, consumers who held positive superstitions about the number eight were willing to spend 50 percent more on 25 percent fewer units - all because in Chinese, "eight" sounds like "prosper" and "wealth 💰."
It is important for business owners to be aware of any superstitions held by their target market. By being aware of the superstitions, you can both capitalise on this knowledge as well as avoid mistakes. Want to know more about taking advantage of superstitions in your business? Just hit us up 🤩😎!
Reference:
Wang, J. 2009, February 11. Turn Superstition into Marketing Gold. Entrepreneur.
