But another group of researchers, these at Stanford University and Harvard University, say that if you’re offering a bargain price on an item whose value is apparent to the shopper, you’ll do best to use what they call “price primacy.” You will make more sales when you lead with the cost.
Their argument for price primacy is distinctive because it’s based on neuropsychological evidence. Data were gathered using functional magnetic resonance imaging of brain activity, much more often a tool for diagnosis of medical pathology than for advice to retailers. Among the study participants, the researchers saw signals in the medial prefrontal cortex showing how early rather than late presentation of the bargain price increased recognition of the justification in spending money on a quality product.
Price primacy is an exception to that rule of leaving the pricing until the end. This exception can be especially important when the apparent value is in the quantity offered. For instance, consider which of these two is more attractive to shoppers:
- $29.99 for 70 rolls
- 70 rolls for $29.99
The Virginia Tech studies also provide an example of when the order doesn’t make much difference. Say the two options are:
- $29.99 for 30 rolls
- 30 rolls for $29.99
For your profitability: Sell Well: What Really Moves Your Shoppers
Click below for more:
Ease Customer Pain About Item Prices
Put Large Quantity Before Odd Price
Interpret Brain Science Advice Cautiously