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Where the stuff on this blog is something i created it is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License so there are no requirements to attribute - but if you want to mention me as the source that would be nice :¬)

Wednesday, 25 July 2012

the art of pricing - setting & advertising

- the words "only" or "just" in front of a price in an advert will tip the balance in persuading an otherwise frugal person to buy.

- words that suggest reasons for why something might be useful - "101 uses," or, "buy one for a picnic; buy one to keep in the refrigerator; buy one for your car" or "buy 2 get 1 free" move us from the intention of buying one towards buying many
- offering different versions of an item - high price item with lots of features, a basic model with less features and one priced in-between, to sway us to buy the mid priced item - its called the good, better, best strategy.
- in shop displays placing lower priced (but maybe still expensive) items around a high priced very well lit and  presented item  - its called the halo effect - relieves us of some of the guilt that might be attached to buying something we really didn't need  - "well at least i didn't get the expensive item"

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