Use it to make money with, by imprinting your chosen price upon your customers minds, and knowing how this works, use it for helping you decide what prices you are willing to pay for items you might want to purchase.
Sounds pretty underhanded, doesn’t it?
I’ve never been good at bartering person to person, but I can sniff out a good deal at a second hand shop, if there are any good deals available.
I have made many a purchase of something I never used because the price was so much lower than the “new” price of an item.
The last time we visited “Sally’s”, I desperately wanted to buy a bathtub that was six feet long and also wider than the normal size bathtub, even though we had no place to install it yet.
By golly, we now have a place to put it and the price of those large tubs is in the thousand dollar range. The one I saw at the thrift store was $150.
Do you think I’ll ever pay a thousand dollars for a six foot long bathtub? No way, I’ll keep looking until I find one with a price under a thousand, and much closer to the price of the first six foot that I ever saw a price on.
There must be something to Dan Ariel’s research that says our mind imprints the price of the first item we see of a particular type, and we compare that price with all future prices of a similar object.
Ariel is the author of “Predictably Irrational”, a book that is very interesting, and you can get it by clicking on the picture of it on the right side of my website.
or at http://DianeNeillJensen.com
You Can get ahead in this world and I can help.
I hope to hear from you soon.