We often downplay the value of products and services that we’re happy with or create tremendous (added) value for us. We do so consistently. This effect is part of the so-called endowment effect.

We value something more once we (feel we) own it.

Lowering your price is not a sound business strategy, at least not in the beginning. Unless you’re into limbo and you’re wondering how low you can go. The answer is rock bottom. Amazon started lowering their prices once they had their selection, customer experience, traffic, and sellers figured out. Even then, they focused on reducing the internal cost structure before lowering their prices.

Create more value for the same price rather than offer the same value for a lower price.

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