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The brainiacs at Harvard and Stanford are at it again. Just this past month in the Journal of Marketing Research, several Ivy School consumer neuroscience researchers led by Dr. Uma Karmarkar, whom I had the opportunity to interview for this piece, explained to me how putting the price first (called price primacy)—before a user sees the actual product—affects buying behaviors.
Specifically, according to the researcher’s comments in a Working Knowledge magazine exposé, “that price primacy (viewing the price first) makes consumers more likely to focus on whether a product is worth its price, and consequently can help induce the purchase of specific kinds of bargain-priced items.”
Mind. Blown. Let’s look at three pricing strategy examples and some specific takeaways from Karmarkar’s findings to see how we can repurpose her research and turn it into actionable solutions....
Have a look at these three very interesting price strategy examples.