Thursday 5:19 PM
May 7, 2020 | Updated 2024
Dear fellow Digipreneur & ADthusiast,
Online shopping is a process of lengthy, logical analysis that makes it difficult for you to sell your inventory fast enough.
While there are a lot of factors at play, there is one culprit that surely contributes to this: And that culprit is presentation order or ‘primacy’.
In other words, it may not be what you’re showing your customers but the order in which you show it; Especially, when it comes to product and price.
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Let Me Explain…
Which one of these do you think should come first? The product or the price?
I know this question sounds kind of futile like the “chicken vs egg” argument but check this out…
I recently came across a Harvard University research paper from Karmarkar et al that suggests that showing your products first can promote evaluations based on attractiveness and desirability while presenting your prices first can place the focus on your products’ monetary worth.
For instance, picture yourself walking into Dillard’s and seeing a jacket that you like. As you walk over to take a closer look you notice the price tag with $39.99 written on it.
Now picture yourself entering Dillard’s and the first thing you see is a big sale sign that reads “All Jackets $39.99”. As you browse the different options until you find a jacket that fits your taste, do you think you’ll still make the same decision?
The latest research suggests that you wouldn’t.
Although both scenarios have the same kind of information (jacket and price) they each wind up with possibly different outcomes. This is because the phenomenon known as “Price Primacy” primes you to be critical of the price and influences you to decide in a way that makes you “cost-conscious”.
On the other hand, seeing a product first creates the phenomenon known as “product primacy” and makes you more engaged with its features and benefits; Which primes you for that product.
Ok, so what should you do with this info?
Here’s How to Sell Faster with This Knowlege…
Use price or product primacy (price first vs. product first) to create the right purchasing mindset and ethically “cost-conscious” your customers into deciding more quickly.
How To Sell Faster by Knowing When to Put Price First…
If you’re selling bargain-priced/utilitarian products with value or worth that’s easily recognized, ‘Price Primacy’ can increase sales.
Price Is now your Unique Selling Proposition (USP) for those products.
How To Sell Faster by Knowing When to Put Product First…
If you’re selling complicated/high-quality/expensive/luxury products with value or worth that’s difficult to calculate ‘Product Primacy’ can increase sales.
Features, benefits, and quality are now your Unique Selling Propositions (USP) showing your products are worth their prices.
Conclusion…
As your customers become savvier shoppers, their purchasing decisions become harder to make; Resulting in a longer-than-average sales cycle.
By using the Price/Product Primacy Effect you can do some ethical “neuro-nudging” and get your customers to decide more quickly.
Well, until next time my friend, stay healthy and stay wealthy.
John Selvey
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