Brain Driven Brands Boost Sales by 21% By Pricing *Backwards*
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Nov 19, 2024 Discover how innovative pricing strategies can boost sales by over 21%. The hosts dive into the psychology behind allowing customers to choose their own prices. They discuss linking pricing with philanthropy and how it impacts consumer behavior. Upselling techniques are explored, revealing effective tools to enhance sales. Plus, enjoy light-hearted banter about Black Friday and insights on marketing strategies tailored to customer perceptions. Get ready to rethink your pricing approach!
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Pick Your Price
- Test the "pick your own price" strategy to potentially increase sales.
- Offer a limited set of price options for the same product.
Psychology of Price Choices
- Customers avoid the lowest price due to guilt or perceived value.
- Most pick the middle price, while a few support by choosing the highest.
Social Context and Purchases
- Nate's purchasing decisions change based on his attire and vehicle.
- He'd pay the higher price in luxury attire but choose the lower one in casual wear.