![]() They don’t pay extra to set themselves apart from others like the image-conscious does, but they will ignore a steep price tag and risk making a poor purchase (in terms of long-term value). Novelty seekers want a new experience and are willing to pay extra for it. They spend the bare minimum amount of money, even if that means buying garbage. ![]() They’ll spend a lot because they can or because they want to. They’re a price snob! They want to buy something exclusive to set themselves apart from others. The image-conscious flocks to more expensive items because they are more expensive. In a sense, they’re perfectly rational about pricing. They may spend more money up-front, but their goal is to get the highest value out of their purchase. ![]() Bear that in mind as we discuss how each individual processes prices. These decision-making styles are flexible. The same person can be a different kind of buyer in different situations. Borrowing from our post about decision-making styles, imagine eight different kinds of buyers: the perfectionist, the image-conscious, the hedonist, the frugal, the novelty seeker, the impulse shopper, the confused, and the loyal. This is more easily illustrated than explained. Yet price is also a data point which consumers weigh heavily into their decision-making process. Yes, that is its primary purpose: to tell a buyer what a good or service costs. Price isn’t just what you pay for a product or service. Price Isn’t Just a Number: How Pricing Creates Meaning
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