🟨 IKEA: Time is Money, now You Can Pay With It
Why pay money, when you can just spend your time...
Hey there!
Every other Wednesday, I share a Marketing Campaign example to help you get fresh and actionable ideas to sell more and grow your business.
Can we talk about January for a minute? It reminds me of that unexpected guest at a party who just won't leave. And just when you think it should be over, you realize there's still another week left.
It might feel like the month with 367 days, but it gives us the chance to reflect, plan, and ease into the year at our own pace. It's like the universe's way of saying, "Take your time, my friend."
IKEA felt customers often spent a lot of time travelling to IKEA stores, mainly because these stores are usually located on the outskirts of towns. So what did the furniture retailer do? It created the ‘Buy with Time’ campaign.
The Buy with Time campaign allowed customers to pay for IKEA products with the time they spent getting to the store in Dubai. The amount of time is calculated using Google Maps Timeline, which tracks the routes you take every day.
The more time customers spend travelling to IKEA, the more they can purchase. In Dubai, the average hourly wage is AED 105. That's how much an hour is worth in the 'time currency'.
The time cost for all IKEA products was calculated, which made it simple for customers to know exactly how much time they'll spend to buy a product. Customers could use the digital terminal provided by cashiers to pay with either time, money, or a mix of both.
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Buy with Time is an example of a PR Campaign. IKEA is the first retailer to make time a currency. The campaign brought in 32% more people and got over $14 million worth of earned media.
🍉 Action Points
Know your customers’ pain points- IKEA observed that customers were spending a lot of time getting to their stores. By recognizing and fixing this problem, they showed they really understood what their customers wanted.
Create innovative solutions - The 'Buy with Time' campaign brought a new idea of using time as money. This smart solution made IKEA stand out from other stores and helped to make the customer experience better.
Transparent pricing - The campaign made it easier for customers by breaking down the cost of products in terms of local hourly wages. This clear pricing enabled customers understand the value of their time in money, making the buying process straightforward and trustworthy.
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