“Buy with Your Time”. A simple strategy which can be used in any kind of business . IKEA recognized that their stores are often located outside of town centers, requiring customers to travel longer distances. To incentivize these trips, they introduced a unique approach: time as currency.
Campaign Overview
The Idea:
Reward customers for the time they spend traveling to the store by allowing them to use it as a partial payment method.
Execution:
Location: This campaign was launched by IKEA Dubai to target their new, second store situated further away from the city center.
Technology Integration: Customers could use Google Maps Timeline to show staff at checkout how long it took them to travel to the store.
Time as Currency : A pre-determined value was assigned to travel time, allowing customers to deduct a portion of their purchase amount.
How It Works :
Customers who travel farther to reach IKEA stores can show their Google Maps timeline to prove their travel time. This travel time is converted into “time currency”. Every product in the store now has a price displayed in both money and time.
Benefits:
Customers can choose to pay using either traditional money or their accumulated time currency. The longer the travel time, the higher the value of their time currency. Even if they don’t make a purchase during a visit, they can still bank the time for future use.
Impact and Results
Positive Brand Image : This unique campaign showcased IKEA’s customer-centric approach and innovative spirit.
Increased Store Visits : The campaign likely encouraged people who might have been hesitant due to travel distance to visit the store.
Media Attention : The campaign generated significant buzz online and in media outlets, further boosting brand awareness.
Lessons Learned
Reward Loyalty : Finding ways to reward customers for their time and effort can be a powerful strategy.
Location Matters : Tailoring promotions to address challenges specific to a store’s location demonstrates good marketing sense.
Embrace Technology : Leveraging existing technology like Google Maps can streamline a creative campaign idea.
