Man, I give good advice!
We all know that people generally equate higher prices with better value.
My wife
proves this theory every time she goes and buys a pair of shoes!
A study just out found some fascinating insights into the brain.
Scientists tested people out with a tasting of wines - they left the prices on the wine.
Brain Scanned For Pleasure ActivityThe drinkers had their brains scanned for activity related to pleasure.
When drinking the "expensive" wines there was a noted increase in activity in the brain's pleasure centres.
"If you believe that the experience is better - the rewards center of
the brain encodes it as feeling better." said team leader Antonio
Rangel, an associate professor of economics at CIT.
Of course, the wine price tags were swapped and the $90 wine people were drinking was really only a $10 bottle of Spumanti from the local Bottle O!
The "cheap" $5 wine (that gave less pleasure) was actually a $45 bottle of wine.
It's All About PerceptionMarketing and selling stuff is often about perception - what's the perception of your business?
