Losengers, also known as "decoy products," are a psychological pricing strategy where seemingly inferior products are placed alongside superior ones to make the latter appear more attractive and increase their perceived value.
Benefits:
Benefit | Explanation |
---|---|
Increased conversions | Customers are more likely to choose the superior product when presented with a less attractive option. |
Higher perceived value | The decoy option sets a reference point, making the superior product seem more valuable. |
Boosted engagement | Losengers can spark curiosity and encourage customers to compare options, leading to increased engagement. |
How to Do It:
Step | Action |
---|---|
Establish a clear hierarchy | Define the superior and inferior products based on their features and pricing. |
Price the decoy wisely | Set the decoy price slightly lower than the superior product to create a perceived value gap. |
Showcase the differences | Highlight the features that differentiate the superior product from the decoy. |
Stories:
Story 1: The Power of Suggestion
Story 2: Anchoring Effects
Advanced Features:
Pros and Cons:
Pros | Cons |
---|---|
Proven to increase conversions | Can be misleading if not used ethically |
Enhances perceived value | Requires careful planning and execution |
Sparks customer interest | May not be suitable for all products and services |
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