Have you ever noticed when the price of gas moves up from $3.00 to $3.28 over the course of several months, it doesn’t bother anyone? But, if the price moves from $3.00 to $3.28 overnight, people go crazy. The news reports it. People talk about buying a hybrid vehicle. We stop driving as much and combine short trips into one just to save gas.
That’s the Weber Fechner Law at play. It’s simple. When things change rapidly, people freak out.
Consider taking advantage of the Weber Fechner Law the next time you’re thinking about adjusting your prices. Don’t just double the prices of your products. Slowly adjust them over time and your customers won’t mind. Wait a long time and then make a price adjustment and you’ll have angry mobs out front picketing and protesting.