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A/B Testing Idea #119 - Augment prices more often, but by smaller increments
Description
Avoid waiting until the moment of desperation to suddenly raise your prices, anticipate and increase them gradually. Using frequent but small price increases will reduce the impact that these could have on your customers. A sudden increase in price will immediately be more noticeable and will put many customers off even if it is the first increase you have made in years (unless a significant improvement of the product justifies this increase). However, if you increase your prices regularly but by small increments, your customers will not have a concrete, long-standing reference price and therefore won't be as affected by these increases.
Inspired by Nick Kolenda
Principles
- Weber's Law (Weber, 1834; Fechner, 1860)
The Research
Weber's Law
Weber’s Law quantifies the perception of change in a given stimulus: it states that the just-noticeable difference of a change is directly proportional to the status of the original stimulus.
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