Have We Been Hoodwinked by Voice of the Customer Programmes? It’s time to challenge the status quo and ask... are we measuring what matters in customer experience? Every boardroom and CX team worth their salt has implemented a Voice of the Customer (VoC)
Psychological Pricing Case Study How We Increased Revenue for a Travel Operator Psychological pricing case study At CX Lab, we recently worked with a leading travel operator to explore how behavioural science could be used to optimise their online pricing strategy. Using our
What is the Framing Effect in Behavioural Science One of the simplest and most powerful tools in behavioural pricing is the framing effect. It refers to how the way information is presented (the "frame") influences the decisions people make. Let’s say you’re selling a monthly subscription. Would you rather offer it as: £10/month
Psychological Pricing Definition: A Strategic Guide to Customer Perception What Is Psychological Pricing? Psychological pricing is a marketing and pricing strategy that leverages human psychology to influence purchasing decisions. It involves setting prices in a way that makes products appear more attractive, affordable, or higher in value - without necessarily changing the product itself.
Using Psychology Pricing to Optimise Profitability Pricing is one of the most powerful levers for driving profitability, yet many companies fail to develop a structured approach to it. A study by Wharton found that price adjustments have a greater impact on profitability than increasing sales or reducing costs. Despite this, Bain & Company reports
Behavioural Pricing Optimisation Price is the most significant factor driving profitability, yet it remains underdeveloped in most companies. A study conducted by Wharton surveyed over 2,000 businesses and consistently found that price increases lead to higher profits compared to other strategies like increasing sales or cutting costs. An optimised pricing strategy
