Input Bias Read online Does the 𝐞𝐟𝐟𝐨𝐫𝐭 put into a shop display 𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺 influence sales? That's what Morales¹ set out to answer in 2005. Participants were shown round the same store, except half saw the shelves 𝐧𝐞𝐚𝐭𝐥𝐲 𝐬𝐭𝐚𝐜𝐤𝐞𝐝 𝐰𝐢𝐭𝐡 𝐡𝐢𝐠𝐡-𝐞𝐟𝐟𝐨𝐫𝐭 𝐝𝐢𝐬𝐩𝐥𝐚𝐲𝐬. The other participants saw the same products, but with a 𝐥𝐨𝐰-𝐞𝐟𝐟𝐨𝐫𝐭 𝐝𝐢𝐬𝐩𝐥𝐚𝐲. The results are striking. Those who saw the high-effort display were willing to pay 24.4% 𝒎𝒐𝒓𝒆. After seeing a store display like Boots, customers were willing to pay...

Concrete Phrases Read online Which electric bus would stick in your mind? It's not even a competition. Copy that's easy to visualise is easy to memorise. In 2021, Richard Shotton¹ showed participants a number of vague phrases, like 'innovative quality', and then some concrete phrases, e.g., 'money in your pocket'. Shotton’s concrete phrases were 8.6x more likely to be remembered. Richard Shotton's Concrete Phrases Study He’d proved the concrete phrases' effect, a phenomenon first discovered...

Psychology of Pricing Read online 1) Charm Pricing for High-Quality Products Imagine you’re buying a shatterproof iPhone case Does it matter if it is priced at £49.99 or £49.95? Well, yes. Apple uses charm pricing but usually ends prices with a 5. Gendall, Fox, and Wilton (1998)¹ ran an experiment with fast-moving consumer goods (fly spray, cheese) and durables (electric kettles). They found that prices with endings in 99 cents are more attractive for low-priced, fast-moving consumer goods...