“Status purchases” are becoming more and more prevalent as social media continues to rise in use.
Many consumers love to use Instagram and other social channels to show off their latest gadgets or share their experiences from their latest vacation.
Although some may link this with narcissism, the need to share and show off comes from our inherent need to attain “status.”
Why Do Consumers Seek Status?
Our hunger for status stems from human instinct. In earlier times, people realized that those with higher status had more options for food, shelter, mating options and had an overall better quality of life. Although society today isn’t exactly like this, we still seek status and respect from our peers.
Maslow’s Hierarchy of Needs illustrates the different wants of our lives. Status falls under our “esteem” level. This is the type of wants that influences our need for respect and recognition from others.
What is Status?
Many believe status comes in the form of money, but it varies depending on the community. Status is more closely related to whatever a community highly values. This is why many millennials are known for taking and posting so many pictures while out and about. Millennials value experiences over material things, so they’re more likely to share and take pride over the different experiences they have and locations they visit.
Status and Your Marketing Strategy
Understanding the concept of status can greatly enhance your messaging and your overall marketing strategy. Here are a few things to ask when thinking of ways to incorporate a status-focused strategy.
What is the “status value” for each of your products and services?
If your target market is on social media, what type of things are they showing off? What are they proud of?
Do you have any campaigns already targeting the status benefits of your product or service? Is there a way to pivot your messaging to cater to your customers’ status needs?
These are only a few ways you can incorporate status into your marketing campaigns. These tactics may be more effective in some industries than others, but it’s without a doubt that status chasing is a common practice among modern consumers.
The Psychology of a Status Symbol
This infographic was created by Lexington Law.