Price Insensitivity Priming

Rishi Rawat Blog Posts Leave a Comment

If you sell a high quality product changes are good there are cheaper knockoffs fighting for your customers. These companies don’t stand in terms of quality.

But, and this is the rub, with online shopping shoppers don’t realize poor quality till they’ve placed the order. It’s when they receive it at home that they realize they were penny wise pound foolish.

Choice

One option is to make a cheaper alternative to compete against the cheap knockoff. That’s a pretty expensive approach (it takes a long time to develop a new product) and it may be against your ethos if you are focused on top quality.

Psychology

Luckily, psychology can help you here. You can use proven principles of psychology to make your shopper less price sensitive. What?? Yup, it’s totally possible. You’ll need to use a technique called priming.

What is Priming?

We like this Wikipedia definition: Priming is a phenomenon whereby exposure to one stimulus influences a response to a subsequent stimulus, without conscious guidance or intention.

More simply, priming is a way to condition the visitor on your site.

How does one make a site visitor less price sensitive?

Here is our idea, show this banner message on your landing page (definition). Notice the floating element on top of the page. This is made up example for LifeSource Water (not a client). We’re showing it to illustrate how you can use priming. We added the red band with 3 buttons:

You can use Priming to make online shoppers LESS price sensitive.
I know it sounds like magic. It isn’t.

Text:

Survey: when making a purchase what do you care about the most? [Price] [Quality] [A Balance of Price & Quality]

Guess which option shoppers will pick?

They will click [A Balance of Price & Quality] every single time.

So, what’s happening here?

It has something to do with the 2 modes of the mind: System 1 and System 2. System 1 and 2 was developed by Nobel laureate Dr. Daniel Kahneman.

Systen 1 and System 2
How System 1 and System 2 differ

Video explanation

Like this Priming example?

Good, in that case, we have 3 more articles to share:

About Frictionless Commerce

We’ve been thinking about online buyer psychology for the last 11 years. Why do online shoppers behave the way they do? Does a product that is objectively better than the competition always win or does buyer perception matter most? We’ve learned some fascinating truths.

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