Why I Love the Decoy Pricing Strategy, and Why You Should Too!
A lot of ink has been spilled on pricing strategies, but here’s one I love.
It’s called the Decoy Strategy.
Essentially, you create a cascade of choices where the upgrade is incrementally more expensive, but a far better deal.
In effect, you can get people to spend more money than they otherwise would because the deal is just too great to pass up.
Think of:
Movie theatre popcorn
Drinks at Starbucks
Electronics at Apple
Options on a vehicle.
Once a consumer has made a decision to spend money with you, help them see the value by walking them up the cascading list of choices and options.
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