Author: Alan Coote

Decoy Pricing - Your quick and easy secret weapon for setting higher prices that customers will actually pay. Did I mention?…. It’s also backed by science....

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] Setting your own price anchor [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]All this begs the questions - what is the true value of the products we buy? Are we actually paying what...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] Price anchoring [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]If I said ‘[MM_Member_Data name='firstName'], what's the most you would pay for a cup of coffee.’ Depending on where you live, I’m guessing you would...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] The Pearl King [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]Let’s illustrate anchoring by using a real example. At the start of WWII, an Italian diamond dealer called James Asseal fled Europe...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] Anchoring [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]Anchoring is the term given to our heavy reliance on the first bit of information we use when making a decision. Think back to...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] Why it works: Up-cycling [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]You may have heard of upcycling. It’s essentially a reimagining of the term ‘recycling’. The idea is to take something old,...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] Gains and losses [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]Framing is also incredibly effective in influencing people by either emphasising gains or losses. One study looked into how companies can encourage their...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] The bad apple [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]Framing is the perfect tool for turning disadvantages with our product into huge benefits. One of the most famous examples of how framing...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern" padding_top="0"][vc_column width="1/6" offset="vc_col-sm-offset-0 vc_hidden-xs"][/vc_column][vc_column width="2/3" offset="vc_col-lg-offset-0 vc_col-md-offset-0 vc_col-sm-offset-0"][vc_column_text] What we say and the way we say it [/vc_column_text][vc_empty_space height="20px"][vc_separator type="normal" color="#f78514" transparency="1" thickness="1"][vc_empty_space height="20px"][vc_column_text]In business, the success of your company depends not just on what we say but how...