product pricing and display - lessons learned and tips
DESCRIPTION
In this short and easy to follow deck i present some tips and lessons to be taken in to account when thinking about product pricing and customer engagement in relation to the product price and product displayTRANSCRIPT
LESSONS LEARNED & TIPS
PRODUCT PRICING AND DISPLAY
THE GAP BETWEEN THE REWARD (CHOCOLATE) AND THE PAIN (PRICE) MAKES THE CUSTOMER WANT TO MAKE THE PURCHASE
Credit: travelandescape.ca
DEPICTING THE PRODUCT WITH STYLE AND LAUDATIVE (DOESN’T EVEN HAVE TO BE ABOUT THE PRODUCT ITSELF), MAKES IT MORE DESIRABLE. DECREASES THE PAIN AND INCREASES THE SALES
Credit: sheknows.com
DISPLAYING THE PRODUCT'S PRICE WITHOUT THE $ DOLLAR SIGN IS SEEN AS BETTER AND CAUSES LESS PSYCHOLOGICAL PAIN TO THE CUSTOMER
Credit: workwithtineshiatoole.com
ANCHOR PRICE – DISPLAY THE PRODUCT'S PRICE COMPARED TO THE EXPECTED PRICE, AND NOT TO OTHER PRODUCTS
Credit: wired.com
DISPLAY OF THE PRICEAS A SALE/TIME-LIMITED/DISCOUNT SENDS CUSTOMERS THE MESSAGE THAT THIS PRICE IS SPECIAL AND MAY CHANGE AT ANY TIME AND THEY MAY LOOSE AN OPPORTUNITY
Credits: wbjanitorial.ca, jonwatts.com, theinstitute.ieee.org
A STAMP CARD (AT THE COFFEE SHOP FOR EXAMPLE) OF 8 STAMPS, WITH 2 ALREADY MARKED, IS BETTER THAN A STAMP CARD OF 6 EMPTY STAMPS. THE ALREADY MARKED STAMPS SET THE USER MINDSET IN TO CONTINUING AND COMPLETING THE WHOLE CARD.
Credit: thepapercupcompany.co.uk
PRICING: OFFERING AN INTERNET ONLY SUBSCRIPTION FOR $49, OFFERING A HARD COPY ONLY FOR $129, OFFERING AN INTERNET AND HARD COPY FOR $129. THE THIRD OPTION IS BEST, BECAUSE THE CUSTOMER IS COMPARING IT TO THE SECOND OPTION AND NOT THE FIRST. WHEN TAKING OUT THE MIDDLE OPTION, THE FIRST ONE BECOMES THE PREFERRED.
Credit: Prof. Dan Ariely, book on Amazon
SOCIAL COMPARISON/REMINDER
SAYING SOMETHING LIKE: "THE VISITORS IN THIS HOTEL HAVE RECYCLED THEIR TOWELS" CAUSES PEOPLE TO RECYCLE MORE. BECAUSE THEY ARE COMPARED TO PEOPLE SIMILAR TO THEM
Credit: knightofwolf.wordpress.com
"TOUCH IT AND IT'S YOURS." WHEN THE CUSTOMER HOLDS THE PRODUCT IN HIS HANDS, PSYCHOLOGICALLY HE FEELS LIKE HE ALREADY OWNS IT, SO WHEN YOU TRY TO TAKE IT AWAY FROM HIM, HE WILL BE LESS GIVING. AND PURCHASING IT BECOMES LESS OF A PAIN FOR HIM – INCREASE SALES
Credit: peterstark.com
INSTANT WIN: TAKING AN ACTION AND REWARDING FOR IT IMMEDIATELY. FOR EXAMPLE: GIVING A RANDOM DISCOUNT AT THE SHOP FOR SHARING ON SOCIAL NETWORK.
Credit: bedminsterdental.com
THE PRICE OF THE PRODUCT SHOULD NOT BE DETERMINED BY THE COMPETITORS; RATHER IT SHOULD BE ACCORDING TO THE PERCEIVED VALUE OF THE PRODUCT FOR THE CUSTOMER. USING BRAND, THIS CAN ALSO BE THE OTHER WAY AROUND. MEANING, THE VALUE CAN BE DETERMINED BY THE PRICE OF THE PRODUCT
Credit: popsugar.com
RON BENTATADIG ITAL PRODUCT CR IT IC
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