The Invisible Game

Part IIPlaying Defence and the Power of ‘No’

Imagine you are at a wine tasting with an expert sommelier. She starts with a few samples that she describes as mass market, because they are available in most liquor stores. Then she starts with the surprises.

First comes a glass from one of her vineyard's finest wines of recent years. You and the other guests have now entered an entirely different realm of taste and sophistication. For the finale, she brings out some rare bottles of red wine from the vineyard owner's exclusive private collection. Each guest had the option to buy one of those bottles at the end of the night for $550.

As you swirled the $550 wine in the glass and took the first sip, you are overwhelmed with the taste. You look to your companion, who nods and whispers ‘this might be the best wine I have ever had!’ You are anticipating another round of questions from the sommelier about the bouquet and the special flavour accents, but her next question catches you completely off guard.

‘How did that price taste?’ she asked.

People generally don't think that prices have a taste. Price is only a number, right? Even the Cambridge Dictionary defines price simply as the amount of money we exchange for something. Yet, several scientific studies over the past two decades – backed up by business experience – have solidly demonstrated that prices trigger intense sensory and emotional experiences in both buyers and sellers. These effects are deeper – and also more universal ...