A Calculator for Marketers to Make Sure Customers Pick the Price Option You Want to Sell
Why?
Presented with two price options, customers tend to (mostly) choose the lower price. Introducing a third price option that is higher than the two previous ones will make most customers choose the upper option of the first two. How do you know how to price these option for optimal success?
How?
A calculator (app or online), where you input the price you want most customers to choose, and will get in return two other prices, a lower one, and a higher one. These, when used properly, will influence most customers to choose the price you want (middle one.) You’ll also get ideas how to package the different price options for maximum effect.
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Why Is Marketing Good and Why Do We Need to Be Manipulated
Why?
It’s an important subject: should we be left alone to decide based on our knowledge or is it ok or even desired that we are manipulated?
How?
An essay deliberating this seemingly opposing views of being rational and being manipulated (irrational.)
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Scavenger Hunt Inside a Store
Why?
To engage the visitor and on the way offer him opportunities to buy, and make sure they have fun and leave with good memories. The last impression before they leave is the most important, so this will help them remember you fondly.
How?
When he enters the store, give him a small card with a good headline selling the first step, something like “You already have a surprise waiting for you. Just find our blue shelf.” There he’ll find the next step, maybe “The surprise is in our best selling book. You have two tries to find it. It’s on this shelf.” Inside the book there is a coupon and further teaser instructions (like: “If you want more on this subject, we have another surprise, go to our games section and look for the clue.”) Don’t only use coupons and discounts, do a raffle, give them a chance to pre-order something, just give them a small gift etc. also tell them they can ask for help from your staff.
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Name Your Price Experiment for Retailers
Why?
- Find out what price is right (at least how your customers see it.)
- Grab attention.
How?
Advertise that for today (or this week) this product can be bought by what the customer thinks is the fair price. The product should not have an MSRP printed on it (like a book), and an important part is, that they read (and maybe sign) explanation for why you are doing it. Most important, is including what is involved in pricing a single product in the shop (explaining the cogs, how long they stay on the shelf on average and how much that costs, shipping to the store, cost of money “sitting in it”. Basically, show them the real cost for the store of offering them the product.) Then they can buy it for what they think is fair.
An analysis should follow this experiment to find out if there are interesting patterns of behavior.
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Get Them to Buy at Least Two and Also Help Spread the Word
Why?
- Higher transaction size.
- Help spread the word.
How?
Offer them the following: they can get the product they chose for the regular price, or they can buy another product (either the same or another) and get a nice discount for both, but only if the second one is going to be a gift for someone. If it’s a consumable, you might want to have a permanent sticker on it saying “A gift to X from Y – brought to you by YOUR BRAND NAME” so they are more likely to gift it. If it’s not and it’s the same product (like two copies of the same book), then that is optional.
In any case, even if they don’t gift it, it will still help grow your transaction size. If they do, it will also help you spread the word about you and the product.
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