BOGOF - The "Buy One Get One Free" Pricing Stratagem

In this crowded world, there are thousands if not, millions of supermarkets and convenience stores in existence, selling goods every day, yet, how are they going to make a reasonably good amount of fortune with such a huge competition around them? Of course, human beings are capable of constantly generating new marketing tactics, some go out-dated within months but some still work as effective even to date, introducing the BOGOF pricing strategy.
You must be kidding me if you have never heard of the "Buy One Get One Free" trick, it works all the time, why? Because you get something free, as an extra bonus, its value is often perceived as a great deal.
The trick works simply because we all love free stuff, we don't like paying for things, if something free has been offered, why not take it for granted? This is human nature and no one can deny that.
Even if you take a look at it in a mathematical way, it's really just a 50% discount, but the psychological impact is way above that.
However, you must remember that the BOGOF trick does not work in all scenarios, because if you purposely give away an extra copy of your item, you're basically saying: "no one is buying my stuff, I'll give you a discount and buy it for me please".
You wouldn't want to do that.
The obvious reason being it will lower your brand's credibility and trust, you will become less popular since you are trying to rush your sales, and most importantly of all, your products may actually not be that good.
To maintain a good company reputation, it's about keeping your price up at a solid and high price, this is called prestige pricing, and your brand will remain safe while your competitors rush selling their products.
Of course, using prestige pricing only works for high-end and luxury based products, not cereals or chips.
Meaning, the BOGOF trick works effectively at common goods that are not extremely expensive.
Due to the fact that everyone uses this "Buy 1 Get 1 Free" technique, consumers are beginning to realize they are actually getting tricked, since sometimes the "1" is usually priced higher than average for the deal, therefore, a good way to counter this is to take the trick into a higher level, like spinning the trick: - "Buy One Get Two Free" - "Purchase One Get Your Next 50% Off" - "Buy Three Get Two Free" Just be creative, play with math and by all means, always A/B test so you will know whether your target audience likes a particular pricing strategy or not.