The importance of price relativity for your brand
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Description
Consumers don’t have a fixed conception of good/bad value. Instead our perception of value is relative, not absolute. By changing a brand’s comparison set, you can successfully shift a consumer’s willingness to pay for a product. Hear how Nespresso and Seedlip leveraged this behavioural bias to charge 5-10x more than their competitors.
In this episode of Behave!, Richard and Will delve into the significance of price relativity, as well as discussing brands who have used this behavioural bias effectively.
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