What is it?
The Happy Hour Effect is all about encouraging clients to buy using a time restricted offering.
Why does it work?
It works because as buyers we are seeking the best deal and maximum value for money. If something we are considering buying will be more expensive later in the day simply because it’s later in the day, then we are more compelled to buy now and secure a better deal.
How can you use it?
Depending on your offering, consider the slowest times of day or week in your business. Create a “Happy Hour” offer that provides a discount or something extra to incentivise clients to buy during those quiet times. The Happy Hour Effect works best for in-person, physical businesses such as bars and restaurants, but can be effective in any business if the offer is compelling enough.