Pricing: Marketers on the business case for behavioural science
Rather than opting for blanket promotions and slashing prices, marketers are advised to tap into the power of behavioural science.
As the cost of living crisis rumbles on in the run up to Christmas, the question of price has taken on a new sense of significance. While brands agonise over whether to slash prices to tempt cash-strapped customers, the most effective response to the cost crisis may require an added layer of nuance. A good place to start would be applying the principles of behavioural science.
“What’s interesting with behavioural science is you can make the same price appear more palatable,” says behavioural scientist and founder of the consultancy Astroten, Richard Shotton.