Episode 8: Behavioural Biases - Value
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Episode 8: Behavioural Biases - Value
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Whenever a monetary amount is considered, it’s drawn as a comparison between at least two things. Therefore, when we’re looking at a price, we’re really considering and comparing the value the item brings comparatively.
If your product is more expensive than competitors, you might want to explain the value like Rolex and Jack Daniel’s – by explaining the time, effort and skill it takes to create something you can tap into the customer’s value biases.
Make sure your brand shows its real value – listen to this episode so you can bring clarity to your value.
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Research related to this episode:
- https://academic.oup.com/jcr/article-abstract/31/4/806/1812957
- https://insidebe.com/articles/increase-value-of-your-product/
- https://www.hbs.edu/faculty/Pages/item.aspx?num=40158