The Role of Price in Love
The first critical review for my new pricing strategy book recently came in from Booklist, an influential publishing trade magazine. I am pleased to say that the review was strong and ended with the following quote: “This is an excellent book.”
Apologies for the tardiness (the advice would have been timely) but it's time for my annual Valentine’s Day blog that explores the intersection of love, money, and of course, price. From my annual research on these issues, I found that these three topics definitely commingle.
In an admittedly unscientific poll, I asked several of my female friends the following two questions:
How would you react if your significant other suggested celebrating Valentine’s Day at a fancy gourmet restaurant? The hitch is that he suggests going on Saturday, February 13 because it would cost 35% less than going on the 14th.
How would you react if your significant other gave you the choice of receiving a half pound of Godiva chocolate on February 14 or else a pound of Godiva on February 15 (to take advantage of the usual 50% off sale)?
I found the results fascinating. Generally speaking, single women were prone to be upset at these offers and the word “cheap” cropped up regularly. Interestingly, married women often were more accepting of these offers. When pressed, married women responded along the lines of “we are on the same team and want to spend our money wisely.”
Two observations: (1) Whatever happened to the concept of “it’s the thought that counts?” (2) It’s interesting that once it is “our” money, these economical options seem “smart."
The bottom line to guys: if you are in the courting stage – don’t offer these options – price is definitely viewed as a signal of love.
Readers' Comments on This Blog Entry
How about a coupon for $19.99 for two meals at Applebee's?