What questions do you ask yourself when you price a product that you want to sell well? Ever think to ask, “Will this match the way a customer's brain is hardwired? The reason you’ll want to consider that question is that researchers at University of Chicago Press Journals tell us that “People remember prices more easily if they have fewer syllables…. Do you agree?
It’s all about how the human mind combines theories of working memory and numerical cognition…. Researchers discovered that each extra syllable in a product's price decreases its chances of being remembered by 20 percent.
Shorter syllables in a price are apparently more important than how long the price is … explained Marc Vanheule, Gilles Laurent. Both researchers work at HEC School of Management, Paris), Xavier Dreze (University of Pennsylvania), and Bobby Calder (Northwestern University). "Faster speakers are better at immediate price recall because they can fit more syllables into the phonological loop."
Look for more details coming in the September issue of the Journal of Consumer Research, where researchers show that people who use memorization techniques to shorten the number of syllables have better recall . For example if you read 8,429 as ‘eight four two nine' as opposed to 'eight thousand four hundred and twenty nine'. Interestingly, the researchers also found that Hungarians, who tend to be faster speakers, have better price recall. Any ideas why…?
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