This is a confession. I love special offers and price discounts on great brands. My shopping experience going to the supermarket, on getting to the shop I opened the freezer section and there was something new sitting next to my usual drink. Oooops...they offered a different price! Making a price comparison, my eyes focused on the price ending 0.99cent and at this particular moment I discovered a shift in my thinking. At this moment I referenced to the price of the drink I normally buy - which didn't change. It was still the same price, what changed was how I thought about the price compared with the new offering. For some reason the appearance of 0.99cent price ending made me feel much better about my purchase. I carefully grabbed a pack of the drink and walked to the pay point as if I had saved!
I have recently realized that this is a
behavioural mistake! It's called charm pricing (Psychological Pricing) that uses customer's emotional responses to boost sales. If you have ever walked into the store and you discovered you've spent all you had in your wallet, then you have just been manipulated...It is a hard habit to break! Don't let anyone set the price that determines if you are buying or not.
Happy Pricing!!!
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