Through research in neuromarketing and behavioral economics, we can understand customers ' thinking and help them make decisions that benefit both them and us. These tips are universal-they can also be successfully used in the catering industry to increase competitiveness and improve the offer for our guests. So, learn 4 basic principles that will be a good start to further explore the intricacies of economics and marketing!
Pain to pay
Shopping hurts. As funny as it may sound, it's a fact. Scientists from Stanford and Carnegie Mellon Universities conducted an experiment: they connected subjects to an electroencephalograph and handed them cash. The task of the participants in the experiment was to buy previously evaluated items. Prices were set in different ways-some were greatly inflated, some were undervalued. Subjects could decide for themselves which item to buy; they could also save cash.
The scientists compared the brain scans obtained as a result of the experiment with the subjects ' previous statements about their purchasing preferences. It turned out that the resulting image of the brain gives the same accurate information about the intentions of the subjects, as well as a direct question asked them before the experiment. If the participant stated before the study that they wanted to purchase an item, the same "statement" could later be seen in the behavior of their brain during the scan.
The researchers came to another conclusion-the negative arousal of the brain in the context of purchases and expenses occurs not if you need to spend money, but depending on purchase context. This explains the situation when we can spend thousands of zlotys on new audio equipment, and" it causes us pain " to buy our favorite drink, which has risen in price by several zlotys. Therefore, the price should be perceived by buyers as fair. If it is higher than the price of a similar product from competitors, then explain why this is so.
Anchor
As a rule, each of us has a certain "anchor" of prices for specific products. He is responsible for this binding effectIt involves storing information in the brain that later affects our judgment.
Example: we have fixed that a kilogram of potatoes costs 3 PLN. Being in different stores and seeing the prices of potatoes, we will relate our judgments about the attractiveness of the offer to those that we have 3 PLN in our head. We will consider higher prices as an expensive product, and lower prices as an opportunity.
The second example is if you want to buy a car. We go to the auto commission, we see Toyota-and that's what we wanted. The seller informs us that it costs 20 000 PLN. That's too much for this yearbook and the budget we've prepared, so we're looking at other cars. We're driving the same Toyota from the same year of manufacture. The seller informs us that he can sell it to us for 17,000 PLN. With the previous estimate of 20,000 PLN linked in mind, we will consider this possibility as a real one.
The anchor is used in many ways. The most popular method is to present the price in such a way that the higher price of the product is crossed out and the lower price is displayed.. You can also write that your product or service costs X, but because of the promotion, the customer will only pay Y.
The anchor masters are mango TV buyers. When presenting excellent cutting boards that you obviously won't buy anywhere else, they tell you that they cost 200 PLN. If you place an order within the next 15 minutes, you will receive it for 120 PLN. The real deal!
Price accuracy
In almost every store we can find non-circular prices, for example, 4.99 PLN. There are studies that explain to us why we prefer this type of assessment, for example, 5.00 PLN. And this has nothing to do with cashiers who usually owe us pennies.
Chris Janiszewski and Dan Wee are professors at the University of Florida. In their auction experiment, they tested people's reactions to prices by giving groups of buyers three different starting prices:
- 4988 $,
- 5000 $,
- 5012 $.
Practically speaking, these prices are very close to each other. The task of the subjects was to give an approximate wholesale price of the displayed item. They found that people in group 2 rated this item significantly lower than other subjects. They not only deviated from the linked price, but also specified round prices-like this output.
Explanation of this phenomenon creating a mental scoop based on the initial price. If we think that a dish in a restaurant for 70 PLN is too expensive, we think that it can cost 50 PLN. This means that the same dish, valued at 67 PLN, gives us more accuracy in our mental meter than the full 70 PLN.
Thus, the key point in setting a price is to avoid a circular amount, which is less accurate for customers and encourages them to doubt its legality.
Baits on sale
The key element of baits is relativity. We are not good at evaluating absolute values; we are better off comparing benefits or values. Dan Ariely in his book Predictably irrational he refers to a study with subscription offers from The Economist magazine. Participants in the experiment were divided into two groups that received one of the subscription offers:
A.
- $ 59-online subscription
- $ 125-online subscription and print version
Suggestion # 1 was chosen by 68 subjects, and the second one was chosen by 32 subjects. The projected revenue from this marketing promotion was $ 8,012.
B.
- $ 59-online subscription
- $ 125-print subscription only
- $ 125-online and print subscription
The first type of subscription was chosen by 16 people, no one decided on the second, and 84 people decided on the third. Projected revenue: $11,444.
What happened here? Both offers are almost identical with one difference-option B adds the ability to select a magazine only in printed form. Even though no one chose this type of subscription, it was vital. It was the bait that made readers find version # 3 more appealing, and that's what they chose – in keeping with the brand's intentions.
This type of bait is also used in gastronomy. For example: a guest must choose a drink; they can choose small, medium, and large. The price difference between medium and large is usually cosmetic, so consumers choose the largest one.
Whatever strategies we choose and use, Let's not forget about honesty. Customers / guests will immediately feel that this place just wants to make money from them, without giving them anything in return. In this case, the company has no chance of success and development.
Junior specialist in Marketing Communications and PR.
He is a graduate of the University of Warsaw and the Main School of Agriculture. We have been in the HoReCa industry for more than 10 years. For many years, he has been associated with the Trip group, Sobienie Royal Golf and Country Club, and the Florentin Restaurant in Warsaw.
She graduated from the Faculty of Architecture of the Warsaw Technical University with a degree in Architecture for the Knowledge Society and Visual Communications at the Polytechnic University of Milan. A specialist in creating a mood. She has gained experience at home and abroad at numerous international seminars (Seville, Lisbon, Florence), fellowships at La Sapienza (Rome), etc. m.in. in Carmi e Ubertis and ADM Milano.
A manager with many years of experience in the cosmetics, food, and children's industries. During his career, he was associated with such companies as: L'Oreal, Samsung, Danone-Nutricia, Unilever. During his professional life, he was responsible, among other things, for the development of e-commerce sales and content in Poland and the countries of Central and Eastern Europe. 
