Sports fans pay more when prices remind them on their team - WBCB: The Valley's CW |

Sports fans pay more when prices remind them on their team

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Germany, Bavaria, Pullach - 04-09-2019 (PRDistribution.com) — Researchers found that fans like prices more when price endings carry over a positive association to their favorite sports team Are you a football fan maybe you cheer for San Francisco 49ers? Then you already know the number representing this sports team: 49. Dr. Markus Husemann-Kopetzky, of the University of Paderborn, and his colleague Dr. Sren Kcher, of the TU Dortmund University, found that customers are twice as likely to choose a product even at slightly higher prices when price endings remind people on something positive. The research team conducted an interesting study on psychological pricing that was published in the Journal of Marketing Behavior. Two German soccer teams are well-known rivals in the soccer world: Schalke 04 and BVB 09. The researchers hypothesized that a fan who, for example, supports BVB 09 would strongly prefer a price ending in decimals 09, but strongly dislikes a price ending of 04. The marketing scholars conducted an experiment involving real purchases. The researchers set up a booth at an open house event at TU Dortmund University (the university located in BVB 09’s hometown) to sell waffles with two different toppings powdered sugar and cinnamon sugar. Two di?erent prices were chosen (1.04 and 1.09) and switched every 30 minutes. After each purchase, the researchers asked customers to indicate whether they were soccer fans and which team they supported. The researchers found that a price change from 1.04 to 1.09 for cinnamon sugar waffles doubled the share of BVB 09 customers choosing this topping from 22% to 44% while leaving the respective share unchanged for non-soccer fans. Dr. Husemann-Kopetzky concludes: “Consumers express a strong preference for or against a price, when prices unconsciously remind them of positively or negatively charged associations like the favorite sports club, or its archrival.” Subconscious, psychological triggers that influence consumer behavior are everywhere but largely unnoticed. The team number price effect is one example, you find another one-hundred other pricing tactics rooted in consumer psychology in Dr. Husemann-Kopetzky’s new book, the “Handbook on Psychology of Pricing”. The pricing expert translates hundreds of academic papers into a compact manual for decision makers. Brian Tracy, the best-selling author of the book “The Psychology of Selling”, recommends this new release as “() an absolute must-read for any business owner or marketer.” “The Handbook on the Psychology of Pricing” By Markus Husemann-Kopetzky Softcover | 6x9 in | 188 pages | ISBN 978-3-947897-00-1 E-Book | ISBN 978-3-947897-01-8 [Kindle] | ISBN 978-3-947897-02-5 [other ebooks]

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Company Name: The Handbook on the Psychology of Pricing
Full Name: Dr. Markus Husemann-Kopetzky
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Website: https://psychologyofpricing.com/

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