Yesterday, I splurged on an expensive hair treatment that promises to give me frizz-free hair for 12 weeks. I first learned of this treatment a year ago, but rejected it as a frivolous indulgence at $350 a treatment. But when I was told of a $129 price promotion on the same treatment, I immediately said, ‘Sign me up!’ Now at $129, frizz-free hair is still a frivolous indulgence — but think of the ‘value’! A similar mechanism was at work last month when I spent more than I intended to on a car. The more expensive car had a higher discount. How could I pass up the greater ‘value’, even if it was costing me more?
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I love solving puzzles and there’s no greater puzzle than understanding how people spend their attention, time and money. The factors that influence an individual’s choices are infinite, and often subtle.
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You’re new in your job. Or the competitive landscape has changed. Whatever the reason, you need to understand which customers to target for purposes of product development, marketing, and customer experience design.
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It is no surprise that academics and professionals alike are calling for new approaches to marketing, because the old approaches are inadequate to the challenges.
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During long and deep recessions companies look to shift resources away from poor performing brands to more profitable ones.
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Branding Strategy Insider helps marketing oriented leaders and professionals build strong brands. We focus on sharing thought provoking expertise that promotes an elevated conversation on brand strategy and brand management and fosters community among marketers. BSI is a service of The Blake Project, a leading brand consultancy based in the United States, serving marketers around the world.
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