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If you hear you can see Ed Sheeran playing live, next to you, and all you have to do is pay $2. What’s the first thing that comes to your mind? What if next to it, you can get a ticket to Ed Sheeran’s concert that’s 300+ euros, and sell it to you for 200? (Just to humor me, if you don’t like him, pretend you do for this one time 😁) Which one would you choose? That’s what happens to your customers when you go on the lowest possible price to “win” deals. Here’s proof: [Youtube vid 5:55 mins] When it’s too good to be true, your brain says: “It’s confusing. Beware, it’s a scam. Run away as fast as you can.” In words or Rory Sutherland: “Yes, you can be better in one dimension, but you really need to be worse in another. Maybe it’s price? Maybe it’s convenience? People don’t believe three good things, in three dimensions, all at once.”
A lower price won’t get you more deals. |