Almost every brand does it. But what do you do once you’ve dropped your price for a sales promotion?
Do you make more money by jumping the price back to it’s original or do you hold a lower price for an going price competitiveness.
Recently reported in Harvard Business Review was a piece of research that found more revenue was gained by utilising a third option. That option being a steady climb back towards the original price.
Marketing is a war of perceptions, not prices. Understanding how consumers think is the first step to insight.
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