People overvalue their own creations. In an experiment, people liked an IKEA storage box 52% more and were willing to pay 63% more when they assembled it themselves.
When offering a discounted price (e.g. $16.75), keep the price ending consistent with the original price (e.g. $26.75, not $26.99). The discount will work better and more people will buy.
If a product is priced at above $100, use an 'amount off' discount (e.g. $20 off). If it’s priced at below $100 use a 'percentage off' (e.g. 20% off). People will be more likely to buy.
People are more likely to choose a product (+13% in an experiment) and willing to pay more (+21%) when it’s labeled as crowdfunded.
Firms with a CMO in 2000-2011 performed 15% better financially.
Feminine brand names (e.g. Nivea) tend to perform better than masculine ones. 55% of the top-ranked brands had feminine names (36% were masculine).
Men respond positively to red, and this applies to prices too. In one experiment, they judged prices written in red as being 66% cheaper. Women are unaffected.
Gifts to customers without strings attached (e.g. spend at least $50) and without a hidden agenda (e.g. to convince someone to buy) increase word of mouth.
Attract many relevant new customers to your promotion by letting them choose how much they want to pay (including $0). The technique sits between free samples and discount promotions.
People prefer flat-rate plans over pay-per-use plans, even if that means they overpay. Both B2C and B2B customers have this bias.
Advertise and showcase hedonic products (e.g. a nice suit, scented soap) using video - rather than still images - to increase how likely people are to choose them by more than 79%.
When a product is promoted using scarcity (e.g. “only 5 available, limited editions) people who miss it get angry and may switch to competitors.
