Decoy Pricing for Increased Profits

The “asymmetric dominance effect”. That’s the fancy name for a pricing tactic called decoy pricing which can radically increase your profits per sale.

Imagine you have a product that sells for $17. You also have a premium version of the same product that sells for $47. You get the occasional sale for the premium version, but most people opt for the low cost version. How can you get more people to trade up?
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