In 2012 J.C. Penney stopped offering coupons and lowered its prices instead. As a result, sales declined by 25 percent! Why? Because it ignored the power of the anchoring effect. Watch our video to find out how prevalent this psycho-sensory principle is in our everyday lives. For more information about our psycho-sensory facts, click here.
How Brands Can Retain Customers During Tough Economic Times
In normal times, almost two-thirds of customers will consider switching brands after a single bad experience. In...