Every year $342 billion is spent on bottled water. And yet, for many of those customers a safer version, that tastes the same, is 300x cheaper. Our collective thirst for bottled water is largely irrational. It doesn’t make sense. But so, it seems, are the pricing strategies of several major brands, from fashion, to food, to flights, irrational prices often trump rational approaches. Today, Melina Palmer, host of the Brainy Business, explains why irrational prices surprisingly sell.
Melina’s podcast: thebrainybusiness.com/
Melina’s book (with free chapters): thebrainybusiness.com/nudge
Fiji ad: tinyurl.com/yufdwdj9
Cleveland Utilities Response: tinyurl.com/4hhh45wj