Upselling customers from entry level products to advanced (and more expensive) products is an ongoing challenge to information marketers. Learn how a psychological phenomenon called the Decoy Effect can increase upgrades by 262%. Continue reading “Framing, Relativity, and the Decoy Effect”
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?
Continue reading “Decoy Pricing for Increased Profits”