From the course: Marketing Foundations: Value Proposition Development

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From the course: Marketing Foundations: Value Proposition Development

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- The direct cost of your product or service is the most straightforward cost for your prospects to identify. You may think buyers should always pick the lower price, but that's not reality. You need to consider how the psychology of price can affect buyer motivation. Discovering and validating pricing insights can be surprisingly impactful to your growth. The simplest tweaks can make a real world of difference when it comes to pricing. Research has shown that the sound of a number can influence people's perception of the relative size of that number. Isn't that crazy? In English, the numbers three, six, seven, and eight create the impression of smallness compared to one and two. certain numbers can also have cultural implications. For example, in Chinese culture, five, six, and seven are all considered relatively unlucky, and the number four should be avoided completely since it sounds like the word for death. That's…

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