Example custom design: Rolls Royce – Handmade artwork, tailored to customer wishes custom design At Rolls Royce, the prestigious British car brand, the customer is king. Those who find a ‘normal’ Rolls Royce too ordinary can enjoy themselves in the Bespoke department. In this department, cars are completely decorated to the wishes of the customer, where no wish is too crazy. About 95% of the cars sold go through the Bespoke department, which gives Rolls Royce a nice extra income stream. 4. Decoy Pricing The phenomenon whereby in the choice between two alternatives there is a greater consumer preference for one of these two options, as a result of the addition of a third decoy option. Benefits: Can be a powerful means of influencing customer choice. Can be a powerful means of maximizing profits. Decoy pricing can help customers make decisions faster and easier.
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Challenges: Counterproductive effect if customer realizes that decoy pricing is being applied. Example decoy pricing: Armani – the secret strategy to boost T-shirt sales decoy pricing When you enter an Armani store, you notice that T-shirts are sold for 150. In another place near the T-shirt is a T-shirt for 75, just Cameroon Phone Number behind a pair of 450 pants. The 75 T-shirt seems like a good deal now, it’s an Armani T-shirt after all. Armani knows that few people will buy the150 T-shirt. However, this lure option makes the 75 T-shirt a more attractive option for the majority of customers. Demand is often greater than supply. In some cases, not every interested party can buy the product, but the buyers have to meet certain conditions. Benefits: A limited list can make the offer more valuable to customers.
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In many cases, a company can charge a higher price for a limited supply. It can trigger customers to make a purchase faster. It can contribute to strengthening the brand. Regularly issuing limited releases can make customers curious, so they keep an eye on what’s on offer. This in turn can lead to various commercial opportunities. Challenges: To successfully apply forced scarcity, a company often needs to have a large group of fans. Due to the scarcity, not everyone can purchase the supply, which can lead to disappointment. It can make regular versions less valuable to customers. It can attract merchants who want to sell the exclusive product for a higher price immediately after purchase.