What we are willing to pay It is not something that only works in the luxury industry, but rather sets the agenda at all levels Tags psychology marketing prices strategy read later favorites programmatic Companies take into usa phone list many elements when determining what to charge for their products. Setting the right price is crucial, a determining element not only when it comes to ensuring the success of the product or service, but also that the company behind it is profitable. The price is fundamental when it comes to generating the income necessary for the product to work for the company. But the truth is that when establishing how much things should cost, it is not only usa phone list to take into account the expenses to be covered, the benefits that are needed or the scale on which the products of the competitors move. Things are much more complex and much more varied, since psychology also has to enter into the price and, above all, the one that works. In other words, it is not only about the price that fits with what the company needs or with what the market points to, but also with what the consumer's mind believes should result. It is what marks the importance of price psychology.
The weight of identity In fact, one of the key elements in prices and how the psychology of consumers marks what should be done and what should not be associated with identity. That is, the set of features that define the values usa phone list mission of a business. It is something that the luxury industry has long understood. The prices of luxury products are not usa phone list marked by the very nature of the product and its status as a top-of-the-range item. You do not pay more just usa phone list the raw materials are higher and therefore more expensive or because the product has highly specialized work or many hours of manual labor behind it. You also pay more because that price is a mark of identity , something that indicates what kind of product it is and what kind of consumer you are. Usually, the price of products as an element of identity has been associated with the luxury industry.
The psychology of pricing and identity lessons were clearly seen as working elements in these areas. However, things were not limited to this environment and this scenario. Prices are identity elements also in other scenarios and in other market niches. When identity also works outside of luxury In fact, identity and price can also work in non-luxury environments where the usa phone list thing is that things are cheaper. Companies only have to study why their consumers pay for their products to understand it. That's what an analyst at Harvard Business usa phone list shows , looking at what happens to subscription campaigns to different magazines. Subscriptions are not expensive. In some cases, the key to what makes them work - at least in the US market - is that the consumer can get access to that content for less than a dollar a month. It is not something of luxury, but it is of identity.