Marketing, Design and Hospitality Business blog that I would want to read.

General topics

How does higher pricing affect our sales/customer decisions?

Why do we prefer expensive–does price influence our enjoyment and experiences?

Yes – 100%!

A fascinating university study in Italy explored this through wine tasting. Participants were presented with three bottles, each labelled with a different price tag, around $7, $13, and $39.

Participants were asked to taste them all and choose the best wine.

About 84% picked the $39 wine, convinced it was the most delicious. But here’s the kicker—their preference wasn’t just made up.

Using fMRI technology, researchers observed that the part of the brain associated with happiness (nucleus accumbens) lit up the most when the expensive wine was chosen.

In other words, participants didn’t just choose the most expensive wine as the best tasting; they genuinely believed that.

The shocking twist? All three wines were identical.

The study revealed that the participant’s choice of the priciest wine as the best underscores the significant influence of perceived value on our actual experience.

Key Takeaway

Perception can be a powerful tool in business, especially in marketing and branding. How we present our products and services can profoundly shape consumer experiences and preferences.

When we next consider pricing or positioning our offering, recall this study. It’s not solely about the product itself – it’s about the narrative and value we convey.

This understanding can be a game-changer in business and marketing, helping us leverage the power of perception to shape consumer experiences and preferences.

Follow this blog as I share hands-on marketing tips with readers that I find helpful.

Thank you for reading my post.

I am Shopi.
The No B.S. Marketing & Design Guy for Hospitality Businesses.

Original photo by rupixen on Unsplash & modified by me.