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episode 221: #221 Psychology Of Pricing - The Decoy Effect
I stumbled upon a fascinating concept known as the "Decoy Effect" in pricing psychology. After diving into an academic paper, I discovered that adding a deliberately overpriced third option in your pricing strategy can profoundly influence consumer choices. This "decoy" option isn't meant to be sold but to change how customers perceive the other two options. The real magic of the decoy effect is that it doesn't require more effort or changes to your offerings. It simply tweaks the perception of your existing options. I'm now considering implementing this concept in my business strategies and believe it can be applied across various industries. Understanding consumer psychology in pricing can be a game-changer for businesses.
Read the "Adding Asymmetrically Dominated Alternatives: Violations Of Regularity & The Similarity Hypothesis", academic paper, Graduate School of Business Administration, Duke University, Durham, North Carolina: https://apps.dtic.mil/dtic/tr/fulltext/u2/a101132.pdf
Read "The Decoy Effect – Everything You Need To Know", written by Kristina Radova: https://insidebe.com/articles/the-decoy-effect/
Read "How the psychology of pricing influences our choices", written by Jennifer Clinehens: https://medium.com/choice-hacking/how-the-psychology-of-pricing-influences-our-choices-84e9dc939e31
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