Did you know the price of your product can be your best salesman? Soon you’ll discover 7 research-backed psychological hacks to optimally price your product, so you can double your sales. At the end of the post, I’ll also share a pricing mistake that most people make and that you should absolutely avoid. Let’s rock.
1. IMPLICIT > EXPLICIT
Explicitly comparing your product pricing with your competitors can backfire in a major way – be very cautious when you’re tempted to say to your customers: “look, we’re cheaper!”
Itamar Simonson, Sebastian S. Kresge Professor of Marketing at Stanford, conducted a series of experiments and discovered that while implicit comparison leads to great sales, explicit comparison does not.… Continue Reading...