Which one of these do you think should come first?: The product or the price?
I know this question sounds kind of futile like the “chicken vs egg” argument but check this out…
I recently came across a Harvard University research paper from Karmarkar et al that suggests that showing your products first can promote evaluations based on attractiveness and desirability while presenting your prices first can place the focus on your products’ monetary worth.
For instance, picture yourself walking into Dillard’s and seeing a jacket that you like. As you walk over to take a closer look you notice the price tag with $39.99 written on it.
Now picture yourself entering Dillard’s and the first thing you see is a big sale sign that reads “All Jackets $39.99”. As you browse the different options until you find a jacket that fits your taste, do you think you’ll still make the same decision?
The latest research suggests that you wouldn’t.
Although both scenarios have the same kind of information (jacket and price) they each wind up with possibly different outcomes because the phenomenon is known as “Price Primacy” influences you to decide in a way that makes you critical of the price or “cost-conscious”.
Seeing a product first (product primacy) makes you more engaged with its features and benefits; Which primes you for that product.
On the other hand, seeing the price first (price primacy) makes you more ‘cost-conscious’; Which primes you to be critical of that price.
Ok, so what should you do with this info?