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Using Concept Price to Increase Sales - NextStage 1 Minute MarketLift Podcast
Most people have heard of opportunity cost. Opportunity cost is how a rational mind decides where to invest resources. A business investing in emerging markets overseas has less investment available for domestic market opportunities, therefore the overseas investment includes a risk of losing some portion of the domestic market due to less domestic investment. The potential loss of domestic market is the cost of opportunity presented by the emerging overseas market investment.
Most consumers aren't rational, though, and decisions -- especially purchase decisions -- above a threshold price are emotionally based. That threshold price is a psychological barrier that consumers are reluctant to cross, and represents a concept far beyond the product or service being offered.
That psychological threshold is the consumer's Concept Price and is what happens when "opportunity cost" becomes personal.
Here's how to use consumers' psychological concept price barriers to your advantage.
Total Time - 2m17s