The Psychology of Price and Why it Matters
||Coverings, Tile, Stone & Flooring
||Apr 30, 2013
Presentation for the 2013 COVERINGS Conference and Trade Show in Atlanta, GA.
Price is just a number and yet consumers are obsessed with it. Price can have psychological and even physiological effects on human beings - it can infuriate, surprise, sadden or delight us. It can even block the thinking part of our brain leading us to make poor business decisions. There are almost half a billion dollars in unused daily deals according to some estimates which is sufficient proof that for some consumers, getting a deal is more important than getting a product.
And what are flooring retailers doing to appeal to this consumer? Slashing prices even more! Yet lowering prices can have a significant impact on profitability. What should you do instead? There are at least ten price strategies that you can use to win the customer's mind, heart and wallet which don't involve lowering prices but positioning them in such a way so that the customer truly feels that they got the best deal.
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