The Psychology Behind the iPhone X’s $999 Price
As the media and most everyone who is interested in buying Apple’s new iPhone X noticed, its price (ranging from $999 - $1149) is a bit startling. Crossing the $1000 threshold is a big step – especially since the also newly released iPhone 8 is priced at $699 (note: Apple skipped releasing a "9" model).
So why the big jump? I argue that the steep price is more than just capturing value – Apple is using price to convey an expectation of awesomeness. For more details, please check out my latest piece for the Harvard Business Review. In addition, I also call out Apple for not having the confidence to set the price at $1,000 and compare Apple’s strategy to what the rock band the Eagles employed in setting ticket prices for their reunion tour.
As always, thank you for reading my articles!
