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Similar to Place, when pricing is not an obstacle, MyLegacy can capitalize on consumer momentum by eliminating the cognitive dissonance consumers sometimes experience when deciding to make a purchase. If a project is priced at a risk-free price – that is to say, little is perceived as lost if the product does not deliver in the way the consumer expects – a consumer may feel at ease purchasing MyLegacy immediately, even if he or she does not have time to complete the work immediately, knowing he or she can return as necessary. Pricing MyLegacy in such a way ensures that consumers who would otherwise wait to determine if a product fits within their finances will simply make the purchase and return to the product as they are able. (Of course, it’s important to note here that appropriate follow-up must be completed by Family Care Path to ensure use of the product, including further purchases, to be discussed.)
Using primary research as our guide, the recommended price for consumers to avoid any cognitive dissonance over purchase is $19.99. Compared with other industry offerings and the perceived value, this is a low price that sets the product comfortably in the low-cost provider strategy. At this price, XXX% of the market is expected to purchase.