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.

Continue Reading...

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 [...]

Continue Reading...

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 [...]

Continue Reading...

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.

Continue Reading...

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…

Continue Reading...

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 [...]

Continue Reading...

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 [...]

Continue Reading...

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 [...]

Continue Reading...

Placebos, Price, and Marketing

Hot on the heels of learning that more expensive wine tastes better, we find that more expensive placebos are more effective at controlling pain:

Continue Reading...

Why Expensive Wine Tastes Better

For Neuromarketing readers, it’s not big news that the perception of wine drinkers is altered by what they know about the wine (see Wine and the Spillover Effect, for example). Now, researchers at Stanford and Caltech have demonstrated that people’s brains experience more pleasure when they think they are drinking a $45 wine instead of [...]

Continue Reading...