Losengers: The Secret Weapon to Boost Conversions and Engagement
Losengers: The Secret Weapon to Boost Conversions and Engagement
Losengers, also known as "decoy products," are a psychological pricing strategy where seemingly inferior products are placed alongside superior ones to make the latter appear more attractive and increase their perceived value.
Benefits:
| Benefit | Explanation |
|---|---|
| Increased conversions | Customers are more likely to choose the superior product when presented with a less attractive option. |
| Higher perceived value | The decoy option sets a reference point, making the superior product seem more valuable. |
| Boosted engagement | Losengers can spark curiosity and encourage customers to compare options, leading to increased engagement. |
How to Do It:
| Step | Action |
|---|---|
| Establish a clear hierarchy | Define the superior and inferior products based on their features and pricing. |
| Price the decoy wisely | Set the decoy price slightly lower than the superior product to create a perceived value gap. |
| Showcase the differences | Highlight the features that differentiate the superior product from the decoy. |
Stories:
Story 1: The Power of Suggestion
- According to a study by Columbia University, using a decoy option increased the demand for the superior product by 25%.
- A field experiment by Dan Ariely found that adding a $10 decoy coffee mug to a display increased sales of a $20 mug by 31%.
Story 2: Anchoring Effects
- Losengers create an anchor price, making the superior product seem more affordable.
- A study by the Wharton School of Business revealed that including a decoy option increased willingness to pay for the superior product by 14%.
Advanced Features:
- Multiple decoys: Use multiple decoy options to further enhance the perceived value of the superior product.
- Cross-category decoys: Place decoys from a different category to highlight the unique advantages of the superior product.
- Time-limited decoys: Create a sense of urgency by offering the decoy option for a limited time, fostering a fear of missing out.
Pros and Cons:
| Pros | Cons |
|---|---|
| Proven to increase conversions | Can be misleading if not used ethically |
| Enhances perceived value | Requires careful planning and execution |
| Sparks customer interest | May not be suitable for all products and services |
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