Bathing in the lap of luxury and why we love it.
While positioning yourself as the ‘cheapest’ guy in town isn’t ever a good idea — either as a USP or in practice — positioning yourself as the most expensive one, often makes a ton of sense.
And here’s why: the old adage of “you get what you pay for,” really is true. Not just in theory, but in practice and in your customer’s perceptions, as well.
In fact, scientific testing has proven this.
Dr. Antonio Rangel from the California Institute of Technology conducted a study and found that if people are told a wine is expensive while they are drinking it, they believe it tastes better than a nice cheap wine.
Rangel gave study participants sips of what he said were 5 different wines priced between $5 and $90 a bottle. He told each one the price of the wine as they were sipping.
In reality, however, he was only using three different wines. And a brain scanner monitoring the tasters registered much greater mental activity when people were told they were drinking $90 dollar a bottle wine, than when they were told they were drinking $10 dollar a bottle wine.
In other words, more expensive wine led to a more stimulating experience.
In real-life, this works two ways. People will be attracted to more expensive goods and services, because they believe it will offer them a more rewarding and more thorough experience. And… they will also validate more expensive purchases by focusing on the intensity of the experience they’ve had.
And if you’re actually delivering more value, then you’ve cracked the key to success.
Either way, it beats being a cheapskate.
Now go sell something, Craig Garber
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