@esconsultingca Do you make purchasing decisions based on your mood? 🤔#Marketing #SellingTips #Branding #YQG ♬ Blade Runner 2049 – Synthwave Goose
Did you know that companies price things based on your mood?
Pricing based on the customer’s mood is a relatively new concept that involves adjusting prices based on the emotions and behaviors of customers. This pricing strategy is rooted in the psychology of consumers, as our moods and emotions can significantly impact our purchasing decisions.
A Real Life Example
Quidel, a company that makes pregnancy test kits decided to do an experiment. They made two different names, package designs, price, and shelf placement for the same exact pregnancy kit.
The first design was for couples that are scared or not very excited to have a baby. The product was named “RapidVue”. It came in a plain white, clinical package design. Priced at $6.99 and placed right beside the condom and the contraception aisle.
The second design was for couple’s that are ready and excited to have a baby. The package had a pretty pink design on it that was named “Baby Start” featuring a smiley, rosy-cheeked baby on the box.
The second package was priced 50% higher than the first one. It was selling for $9.99, and it was placed near the ovulation predictor kits. Quidel knew that couples who were excited about having a baby would spend more on a pregnancy test– resulting in a higher price tag for the same exact test.
Understanding Your Customer
This pricing strategy is effective–but, only when you understand your customer. It’s important to know who your customers are, where they’re spending their time, and what will affect their emotions.
We recently saw a lot of companies using this strategy during the COVID-19 Pandemic. Marketing teams everywhere were capitalizing on the fact that people were scared and confused during the pandemic.
So, next time you are building out a pricing model, keep in mind factors like your customer’s mood before buying, package design, and shelf placement.