pricing | Neuromarketing

NeuromarketingWhere Brain Science and Marketing Meet

What’s A Return Policy Worth?

Ask catalog or Internet retailers what a return cost them, and they will likely be able to cite some very specific numbers reflecting shipping costs, processing labor, damaged packaging, and so on. But it turns out there’s a specific value that customers apply to returns, or, more accurately, the OPTION of returning a product. That [...]

The Price of Everything by Eduardo Porter

Book Review – The Price of Everything: Solving the Mystery of Why We Pay What We Do by Eduardo Porter Looking for more novel pricing strategies for business, I picked up a copy of The Price of Everything by Eduardo Porter. Although I didn’t find much practical advice or directly applicable research in the book, [...]

The Luxury Strategy

What makes a luxury brand? In The Luxury Strategy, Jean-Noel Kapferer and Vincent Bastien tell us in great detail what distinguishes “luxury” from “premium” and the merely expensive. And, as one might expect, our emotions play a huge role in the way we perceive luxury.

Cookie Framing

Years ago, when The Tonight Show ruled late-night TV and when all the guests weren’t celebrities promoting their latest book, movie, or TV show, host Johnny Carson interviewed the Girl Scout who sold the most cookies that year. This young lady, Markita Andrews, set a cookie-sales record that has yet to be broken. What was [...]

Pricing Lessons from Restaurants

My last Neuromarketing post, Neuro-Menus and Restaurant Psychology, talked about various things restaurant menu engineers do to maximize sales and profits. I think it’s worth calling special attention to one aspect touched on in that post: how price presentation affects sales. Not, the price itself, which of course is very important, but the way the [...]

Neuro-Menus and Restaurant Psychology

Restaurants are great test labs for testing neuromarketing techniques. It’s easy to change offerings, menus, and pricing, and one gets immediate feedback on what’s working and what’s not. Today, many eateries are employing sophisticated menu psychology to maximize sales and profits.

Differentiate or Die

Book Review: Differentiate or Die by Jack Trout (Second Edition) If someone asked you what set your product or brand apart from the competition, would you answer “quality” or “customer orientation?” If your answer is “yes,” you might be in for a rude awakeing…

More Decoys: Compromise Marketing

Why a logical product lineup may not be the most profitable When marketers plan a company’s product offerings, they usually try to do so in the most logical way possible. Several levels of product may be offered – a stripped-down, basic version, a more capable better version, and perhaps a “best” version. These would [...]

Precise Pricing Pays Off

In my time as a catalog marketer, I almost always priced products just below the next dollar increment – a cheap item might be $9.97 rather than $10, while a more expensive item may have been $499, or even $499.99, instead of $500. My strategy was based on a couple of assumptions. First, I thought [...]

Get More for Your House with an Odd Price

I love research findings that run counter to intuition, or are at least unexpected, and the idea that you can get more for your house if you market it with an odd price is certainly unexpected. That’s what University of Florida researchers found, though: They looked at five years of real estate sales in Alachua [...]

« Older Entries

What’s A Return Policy Worth?

The Price of Everything by Eduardo Porter

The Luxury Strategy

Cookie Framing

Pricing Lessons from Restaurants

Neuro-Menus and Restaurant Psychology

Differentiate or Die

More Decoys: Compromise Marketing

Precise Pricing Pays Off

Get More for Your House with an Odd Price

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