Value and price are different, although most of people think is the same thing. The perception for the customers matters, so a different perspective can have an impact on ones company product. Distinguish is necessary
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It is amazing how we diferenciate the price per kilo and the price per liter, in most of the case when we buy liquid products (except for beverage) the price per liter is usually higher than 100€
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Indeed, higher prices make consumers think that the product has a high quality. But in lots of cases, the quality doesn't correspond to the high price.
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‼️Low-prices --> low-quality product ‼️
Low prices can backfire for retailers because consumers sometimes see low prices as a sign of a low-quality product.
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For marketing, the way of using numbers matter. Most times is preferable the short version, or even the 0.99 situation, it all have a great impact on the brain
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This is an example of an offer that increases consumers' willingness to buy more than one product. Consumers tend to think it's better to buy one and get the other for free than to receive a big discount on just one product.
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Free + shipping is a strategy that affects people's emotions, creating an irresistible offer. This offer becomes extremely attractive to consumers, when in fact the costs of the product are already included in the shipping. #NMKTRCH#MKTINGNEURO#XperientialMkt@lets_NEUROmkt
This is a very common strategy used by companies to induce people to spend more. Consumers tend to buy the $7 popcorn because they think it is a good deal to have a bigger popcorn for just $0.50 extra.
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Scarcity brings more value to the products because the demand is way higher than the supply. Consequently, these products are sold at a higher price.
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They mix scarcity and a discount to increase the number of bookings through FOMO. In addition, they use their 7.9 grade and the 3000+ reviews to show social proof to the users. #XperientialMkt#NMKTRCH#MKTINGNEURO@lets_NEUROmkt
The social validation is a key factor when people decide to consume or not something. Reviews are very important when choosing a restaurant to eat, a hotel to stay, a city to visit… So social validation is very important #XperientialMkt#NMKTRCH#MKTINGNEURO@lets_NEUROmkt
I agree. In addition, scarcity in marketing also has the strategy to create FOMO in people. It makes people quickly go to buy the product because they are afraid they won’t be able to get it before it’s sell out. #XperientialMkt#NMKTRCH#MKTINGNEURO@lets_NEUROmkt
The concept of scarcity is something extremely used in Marketing.
When brands use the term "limited edition", they play on people's emotions and make them think they are going to pass on a great opportunity.
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I agree, the exclusivity of the products make people to quickly buy everything and the items sell out. After that, the prices skyrocket due to the high demand. #XperientialMkt#NMKTRCH#MKTINGNEURO@lets_NEUROmkt