Behavioral economics demonstrate that it isn’t logical to expect our customers to be logical. So why are we so logical in our pricing decisions? In today’s newsletter, “Logical Pricing is Bad for Business,” I explore concepts in Dan Ariely’s Predictably Irrational and Daniel Kahneman’s new Thinking, Fast and Slow.
It turns out the best pricing strategies may be illogical… but they are also predictable.
Read the newsletter: Logical Pricing is Bad for Business
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In addition to writing, I spend most of my work time helping companies unleash their potential by creating better connections with their customers. This happens through my speaking events and through Yastrow & Company consulting engagements, where my team and I help companies figure out who they intend to be in the future, and then engage the entire company in creating that future through strong "We" customer relationships.
Before starting Yastrow & Company in the mid-90s I was vice-president of resort marketing for Hyatt Hotels. My experiences in the hotel business showed me clearly that most marketing doesn’t happen in the marketing department. Customers are paying attention to all interactions with a company, not just the promises made in traditional "marketing communications."
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