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The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Explain the price
Customers often wonder how a price was set or why it has recently changed.
This suggestion applies to the linguistic rule of manner by being very clear. Demystifying how prices are set or changed can help establish a trusting relationship with customers. For example, the furniture company Neptune provides extensive detail of its underlying logic for pricing.
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Make price a reflection of your values
Position the price as a component of the company's responsible and ethical intentions. For example, Southwest Airlines price fairness in the name of its approach to service: On its website, the airline describes "Transfarency" as a "philosophy in which customers are treated honestly and fairl...
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Violate a rule, but do it blatantly
Any of the four linguistic rules for dialogue can be broken if done in a lucid way.
For example:
- To show customers just how affordable its furniture is, Saudi Arabia IKEA replaced monetary values printed on price tags with images of coffee cups, pizzas, bananas, and other relativ...
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Price challenges
Companies often have difficulty talking with customers about prices and have a legitimate need to reduce “friction” in the transaction. They accomplish this by using tricks such as tweaking price endings to distort perceptions or to signal a bargain. For example, $9.99 is perceived as a whole dol...
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How organizations present their prices
A helpful starting point to improve how organizations present their prices is to accept that price is an integral part of its dialogue with customers. The next step is how to explain it.
The field of linguistics gives us four rules to have meaningful dialogue:
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