Episode 93 - Creating and Pricing Customer Choices

How you charge is often more important than how much you charge. And one fact is irrefutable: Customers love choice. What we're willing to pay for something is insanely dependent upon what we compare it to. Offering three choices to the customer puts your product in context. It's why most businesses offer three of everything: small, medium, large, coach, business, and first-class, Tall, Grande, Venti, etc. This is a ubiquitous strategy because it comports with how human beings make choices and buy things. Ed and Ron will discuss a model called "the six Ts" for helping businesses create value-pricing choices, as well as the behavioral economics effects of anchoring and framing to help increase your organization's profitability with better pricing.