@KateBour: 12 pricing psychology tips to ...

12 pricing psychology tips to help you sell more stuff:

Before we dive in...

1. What you’re about to learn is powerful—use it for good (ie. to sell great stuff that actually helps people)

2. If you read this post all the way to the end, there’s a surprise for you 🎁

Ok. Let’s get into it...

BIG font = BIG price

Our brains confuse the visual size of a number for numeric size

If we see $25 in large font, our brain notices how BIG the font is and assumes the price is big

Lesson: display prices using small fonts (not large ones)

Like this ✅ Not this ❌

Dollar signs can trigger our “pain of paying”

When we pay for things it’s literally painful

Paying with cash is more painful than paying with plastic but still hurts

Lesson: leaving $ signs off signage can persuade more people to buy as it reduces association with losing money

Exact numbers appear larger

$1,302,859.53 seems much bigger than $1.3 M

Lesson: If you want a number to feel BIG, streeeeeeeeeeetch it out with commas and decimals

Abbreviated numbers appear smaller

$12K seems smaller than $12,000.00

Lesson: If you want a number to feel small (like the price of your services or products) abbreviate it

High prices anchor our expectations

When listing items—like a wine list—seeing higher priced items near the top of the list creates a price anchor and changes our perception of other items on the list

Lesson: list higher priced items first to encourage people to spend more

Numbers in red feel like a bargain

Studies show that when prices are shown in red, we assume that they’re a great deal

Red pricing works particularly well for men

Lesson: show sale prices in red
Wanna up the effect? Use smaller fonts for sale prices than the original price

Numbers that end in .99 seem cheaper

Psychologically speaking, $9.99 seems smaller than $10

Why? We automatically round down and see 9 instead of 10

This is known as “charm pricing” and it’s a staple practice for discount retailers

Lesson: Use charm pricing to appear cheap

Odd numbers seem like a better deal than even ones

In our minds... numbers that end in 5, 7 or 9 appear smaller than ones that end in even number or 0

So $120 seems more expensive than $117 or $119

Lesson: end prices with an odd number to appear smaller (without looking cheap)

Round numbers = more expensive

When brands don’t use charm pricing or odd number ends, we perceive those products to be more expensive

This works well for luxury brands like Louis Vuitton or Prada that want to appear expensive

Lesson: use round to sell luxury

Specific numbers anchor our expectations

If we see “$70 and up” $70 becomes the anchor price

Snickers grew sales by 38% simply by changing the anchor from ‘them’ to ‘18’

Lesson: Use specific numbers to encourage people to spend more

We’ll buy more to get something for $0

If given the choice between “Buy One Get One Free” or “50% off when you buy 2" the BOGO offer is more compelling

Lesson: free often beats discounted

Comparison numbers help us decide

As Einstein famously said, “It’s all relative”

We seek comparisons to help us evaluate a product

Without another item to use as comparison, we won’t know if we’re getting a “good” price

Lesson: Choose your brand’s comparison set strategically

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