IT MAY HURT BUT IT DOES NOT NEED TO HURT SO MUCH – 3 OBSERVATIONS No matter how much you want a product, and no matter how happy you might be with your purchase, it is most often the case that paying hurts. Further, the more you pay, the more it hurts. I would argue, […]

IT MAY HURT BUT IT DOES NOT NEED TO HURT SO MUCH – 3 OBSERVATIONS No matter how much you want a product, and no matter how happy you might be with your purchase, it is most often the case that paying hurts. Further, the more you pay, the more it hurts. I would argue, as have many academic researchers, that reducing the pain of paying can impact on price sensitivity. Certainly, the level of pain can impact on the preparedness of consumers to buy a product at a particular price. So how do we reduce the pain of paying? I would argue that there are many strategies businesses can put in place – other than discounting – to maintain or increase sales while ensuring higher margins. Strategies for addressing this include: Reframing the product value – charging $84.00 per month rather than $1000.00 per annum; Bundling commonly purchased items…