“The brain is wider than the sky.” -Emily Dickinson
- Psychological pricing is effective. Even the most cautious brains take mental shortcuts to drive efficient decision-making.
- That said, the Internet allows a large number of careful consumers to compare notes, so be aware of customer scrutiny when you drastically change your pricing or bundling system.
- You can accumulate as much knowledge and brain-power as you’d like—at the end of the day, if your customers aren’t on board, your ship is sailing toward oblivion.
- Psychological tactics are a part of your arsenal, but aren’t your bread-and-butter pricing moves.
- Communication with customers happens in a number of ways, and large rebranding/price change decisions should be thoroughly vetted through your profit base (your best customers).
- Your customers can, and will, do the math to get the most out of the products or services you provide. And you should welcome this: they’re putting the food on your table—you should want them to want to keep doing so.