I know, I know, I know…What I am about to write runs contradictory to recent posts I’ve made, where I argued customers will become more transactional on the whole,Â leaning more on efficiency in making their decisions.
But according to a recent CaliforniaÂ study, if you want people to enjoy your product, you might want to consider ‘raising’ the price. Researchers asked people to taste wines with different price tags. The testers’ brains showed more pleasure at higher prices than lower ones, evenÂ when they had justÂ switched the pricetag onÂ the same wine. I’m not sure if there is a bona fide lesson here…I’m certainly not suggesting that you unilaterally raiseÂ your prices across the board.
It’s really a fascinating study, which reminds me of the Placebo Experience Factor I blogged about before, which established that subjective criteria affect our perception of reality as much as the objective.