Search Results | "Pricing"

Is This Common Pricing Mistake Costing You Sales?

Is This  Common Pricing Mistake Costing You Sales?

If you have an ecommerce site, how often do customers visit – often after a costly paid click – and end up leaving without buying? Are abandoned shopping carts all too common? Or, if your customers visit your retail store, how often do you see them compare several items, only to buy none of them [...]

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Taking the Pain out of Sushi Pricing

Taking the Pain out of Sushi Pricing

The menu designer for an Austin restaurant, Roll On Sushi Diner, must be a Neuromarketing or Brainfluence reader. A while back, I identified sushi-style pricing as being the worst possible approach because each tiny bite is a separate pain point (see Painful Sushi and Other Pricing Blunders).

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What Pricing Strategy Beats Discounts?

What Pricing Strategy Beats Discounts?

If you want to sell more product by running a sale, which would make more sense: advertising “price cut 33%” or “50% more” product? Functionally, the two are the same level of discounting. Researchers at the University of Minnesota found, though, that a “50% bonus pack” sold 71% more than a “35% discount,” even though [...]

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Pricing Lessons from Restaurants

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 [...]

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Anchor Pricing Strategies

Anchor Pricing Strategies

Here’s a scenario… You decide to venture into a cell phone store despite your reluctance to deal with a bewildering number of phones, options, plans, along with a confusing price structure. As usual, you find you’ll have to wait a bit for a salesperson. The greeter hands you a card with a big “97″ printed [...]

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Precise Pricing Pays Off

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 [...]

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Painful Sushi and Other Pricing Blunders

Painful Sushi and Other Pricing Blunders

What’s the worst way to sell something? According to Carnegie Mellon University economics and psychology professor George Loewenstein (see The Pain of Buying and Brain Scans Predict Buying Behavior), selling products in a way that the consumer sees the price increase with every bit of consumption causes the most “pain”. This isn’t physical pain, of [...]

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Pricing, Ego, and Emotion

Pricing, Ego, and Emotion

Neuromarketing and Pricing. Why do people sometimes set prices that are too high, and then stubbornly stick with them despite evidence from the marketplace that the price is indeed wrong? Neuroeconomics research tells us that financial decisions are often evaluated in a way that lets our emotions overrule rational financial analysis, and setting prices turns [...]

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Webs of Influence by Nathalie Nahai

Webs of Influence by Nathalie Nahai

Book Review: Webs of Influence: The Psychology of Online Persuasion by Nathalie Nahai I read a lot of marketing books, but it’s rare to find one that so closely matches my own interests. Nathalie Nahai’s Webs of Influence focuses on the intersection of web design and persuasion psychology. It’s safe to say that if you [...]

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Fonts That Create Emotions, and More – Roger’s Picks

Fonts That Create Emotions, and More – Roger’s Picks

We’re trying something new here at Neuromarketing – a quick digest of interesting articles we found this week. Expect an eclectic mix of marketing, neuroscience, psychology, digital, and stuff that doesn’t fit in any of those categories. Cat videos, too! Well, probably no cat videos… but if we find something particularly amusing, we’ll share it!

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