One thing that really struck me in the book recently was a study where some scientists divided up a class into pairs. One of each pair was given a product and sold to sell it to the other person. The other person of course was told to buy it. All they had to do was to agree on a price.
Interestingly they found that the person trying to sell their product generally thought it was worth twice what the person trying to buy it thought it was worth. They surmised that the value of losing something is roughly twice the power of gaining something.
And we as internet marketers are generally trying to sell things (gain). I'm just thinking aloud here about how we could use this strategy of perceived value to make more money.
I suppose shareware applications could be one example. Or $1 entry into a membership site. But do you think this would work, for example, for an ebook?
Imagine if you set up payment in such a way that they had a limited number of pages or time customers could read the ebook for and then it locks down unless they buy it. The study would suggest you might be able to charge more for it that way.
Mmm, just thinking aloud here. Anyone else come up with ways to use the power of "loss" instead of "gain" in our marketing?
All the best,