Hey there đ - Abhi here!
Happy Thursday to the 17,907 marketers reading this newsletter.
Today, it's Throwback Thursday!
We'll break down The Nostalgia Effect with an example from Spotify and how you can leverage the same tactics in your work.
Estimated Reading Time = 4 minutes
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Now to today's piece đ€
The Nostalgia Effect
A study from 2021 shows us that when marketers run ads with higher levels of nostalgia, they may experience a 35% increase in the consumer's evaluation of a product.
All you gotta do is connect your product with a positive emotion from your user's past.
It's called The Nostalgia Effect, and it can work like a charm...
Definition: The nostalgia effect refers to situations wherein emotions for our past increase our willingness to spend more money.
Now for marketers, this can be applied in a lot of ways.
Let's look at how Spotify did it!
Your Spotify (Un)Wrapped
If you opened Twitter or Instagram last night, I'm sure you came across a post like this:
Spotify Wrapped has got to be the most impressive marketing campaign I've ever seen:
- Mobile app downloads went up by 21% in the first week of December last year
- More than 90,000,000 people interacted with Spotify Wrapped in 2020
It's no wonder Spotify continues to run this campaign even today.
But why exactly does it work? 3 dead-simple reasons:
- In-built Shareability - the value of Spotify Wrapped is only achieved when users share their personalized graphics. They're getting their users to share Spotify's content for free. A marketer's dream.
- Social Connectivity - by making your musical preferences a social phenomenon, Spotify has successfully associated its brand with a sense of community. Not a lot of streaming platforms have managed to do that.
- Reduced Desire To Save Our Money - research has shown that social connectedness makes money seem less important. With this campaign, and that feeling of social connectivity, people feel more inclined to subscribe to Spotify!
By attaching its platform to memories, Spotify has created a powerful flywheel.
But that's enough about Spotify - time to wrap that stuff up (no pun intended).
Let's talk about your business instead.
Your 3-Step Checklist
1. Pick A Relevant Stream Of Memories
For Spotify, it was the music.
For Snapchat, it's a little series of pictures from a year ago.
For Uber, it could be all the different areas you visited most.
Depending on your business, you want to pick relevant memories you can showcase.
And don't be afraid to get creative.
2. Make It Collectivistic
Research has shown that when you add an element of collectivism, the impact that nostalgia has on consumer perception may increase:
And I think this is one exciting way in which Spotify can up it's game.
In 2023, I'd like to see Spotify add a collectivistic element to its Wrapped.
That could mean:
- tracking overlaps in music tastes with your friends
- gamification in the form of who spent more time listening to specific artists/podcasts
By adding more social elements, you can not only make the experience more memorable but also increase the sharing potential.
3. Build An Organic Flywheel
Every marketer's dream - creating content that your users share for you.
There are tons of marketing campaigns that play on your nostalgia.
But Spotify's Wrapped stands out cause it ties nostalgia with in-built shareability.
So make sure you don't stop at the nostalgia. Leverage it to create a social movement.
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That's all for this Thursday. 1 marketing breakdown & 3 steps to get you started.
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See you again next week,
Abhishek "I Can't Stop Listening To Russ" Shah
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