Pricing Strategies for Multiple Personalities | Strategic Pricing Solutions

I have been watching the Game of Thrones the past several seasons. I love the rich scenery, the diverse range of characters, and the intriguing, suspenseful drama. A recent episode about the Many Faced God got me thinking about customer types. In particular, it got me thinking about customers with multiple faces or personalities. Some customers are like Dr. Jekyll and Mr. Hyde with two personalities, while others are like Sybil or the Many Faced God with several personalities.

Consider my wife. She occasionally shops at Costco. Does that make her a price-sensitive shopper? Maybe, but not necessarily. She will not travel to Costco unless we need a large quantity of something, such as paper towels, napkins, or bottles of water, or because she wants something specific, like a laptop or a printer. The first items she buys in bulk, because prices are lower in large quantities and we are able to store them. In addition, while my wife is at Costco, she will usually pick up a 4 lb. pack of bacon, not because we need it, but because I like it. And if it is in the house, I will eat it. This bulk buying process definitely indicates a level of price sensitivity, and she is willing to use our storage space in exchange for lower prices. But that is not the whole story.

Following her most recent trip to Costco, my wife showed me 2 bargains she picked up while there- a cotton sweater for herself that was marked down to $15 and a $20 cotton sweater for our son. That was definitely the price-sensitive shopper in her. That is her Dr. Jekyll side. However, in the same trip she exhibited the complete opposite Mr. Hyde behavior by picking up some lobster tails for $20 per pound and a 18 oz. bag of Bark Thins (dark chocolate with almonds). Of course the lobster tails and Bark Thins were delicious, but we did not need them, and she could certainly have purchased less expensive seafood and candy.

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Pricing Strategies for Multiple Personalities.