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The Myth of the Rational Consumer | Strategic Pricing Solutions

The point of all this is – when setting prices we need to consider how our customers really make their decisions.  Many customers decide the brand of a particular product to buy, and then never switch brands.  Customers like that will not switch products or suppliers for modest price differences, and when you are selling to them, you should not get hung up on trying to match low prices.  Spend your time focusing on building product or provider loyalty.  Ensure that your quality and service are not disappointments, and your customers will be much less concerned about the price.

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The Myth of the Rational Consumer.

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