A coffee is $2,60.
Spotify Premium will cost you $9,99.
The prices of products are objective. There’s nothing we can do about them; prices are what they are.
The way we perceive those prices, however, now that’s subjective.
We are willing to pay much more for things when we are in the moment – when it’s a cold winter day and we’re meeting a friend for a cup of coffee at a local coffee shop. Then $2,60 is definitely worth it.
But we’re not as willing to pay for something when we’re out of the moment – when we’re at home, sitting on the couch and comparing the price of a product with the alternatives that are out there. Then we’re doubting if Spotify premium is worth the $9,99 or if we’re okay with another month of listening to songs via YouTube.
And we’re never rational enough to consider that Spotify Premium only costs four cups of coffee.
When we’re out of the moment, we suddenly become rational buyers and we start wondering: is it worth it?
That’s why we need to bring the consumer into the moment and let their emotions and urges do the work, instead of their rational brains.
There’s a little sushi corner in the supermarket close to my home that’s a perfect example of this.
Some days, the boxes of sushi are simply laying behind a display and although the sushi looks delicious, the price is the first thing we’ll look at. On days like this, the rational buyer steps in.
On other days, there are a few chefs behind the counter preparing the sushi. Now the rational buyer becomes a more emotional buyer; suddenly we realize the sushi is really fresh and more factors besides just price come into play. And that’s even more the case if the chef is Japanese.
And then on some days, occasionally, one of the chefs gives away pieces of sushi for people to taste and try. Now we’re brought into the moment; we’re tasting – experiencing – the sushi and realize how delicious it really is; it’s worth the money.
Sometimes the best thing you can do is to pull your customer closer, bring them into the moment, and show them the value of what you’re offering. Then out of a sudden price is not that relevant.
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