buying pain

What’s in YOUR Wallet?

How you pay – credit card vs. cash – actually affects how you think about the products you are buying, according to new research published in the Journal of Consumer Research. That, in turn, means that marketers need to review how they are marketing to credit and cash customers.

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Painful Games Companies Play

Does your company play painful games with your customers? I’m not talking about physical pain, but brain pain. More specifically, what has been termed buying pain or the pain of paying. According to research conducted by George Loewenstein of CMU and others, this pain is triggered when we are presented with a product and price that seem like a bad deal. Now, if you sell luxury items, it’s quite possible that a pain response is part of every sale, but the buyers rationalize the premium price they are paying as the cost of buying the best. A recent business trip highlighted what I think are UNPRODUCTIVE invocations of buying pain.

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Neuro-Menus and Restaurant Psychology

Restaurants are great test labs for testing neuromarketing techniques. It’s easy to change offerings, menus, and pricing, and one gets immediate feedback on what’s working and what’s not. One technique I’ve written about from a product standpoint but which is also used by restaurants is decoy pricing.

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Doggie Bags & Sunk Costs

Did you ever get a meal at a restaurant that you didn’t like, but have them wrap up the leftovers anyway? Even though the food’s flavor is unlikely to improve with age, there may be an explanation for the seemingly irrational behavior. (For non-US Neuromarketing readers, restaurant leftovers are often packaged in a “doggie bag” even though the consumers will be human rather than canine.) According to B.

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Five Ways to Sell in a Bad Economy

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Anchor Pricing Strategies

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Princess Puts Pain into Cruising

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Starbucks Trying to Cut Buyer Pain

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How to Increase Customer Pain

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