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Companies use pricing psychology to trick you into spending more. Here are 10 pricing secrets you can use to your advantage...
1. Value Pricing When comparing two products if one is more expensive it feels like it is more valuable. This is the reason premium products are almost never discounted. If you price a product too cheaply the consumer feels like it is cheap. Raise prices!
2. Charm Pricing Studies have shown that prices ending in a 9 sell better. For example: $199 vs $200. This is because people read prices from left to right and are "anchored" to the lower price: $100. 70% of Amazon Fresh products end in 9 with treats more likely to end in 9.
3. Innumeracy Buy one get one free is more preferred by consumers than buy two get 50% off. These are the exact same offer, but buy one get one free makes people feel like they are getting more value.
4. Price Appearance Having a shorter price is associated with something being less expensive. $1,900.00 seems more expensive than $1900 or even 1900 (without the dollar sign). Try to keep your prices short in length.
5. Anchoring The initial piece of information given affects the perception of pricing. Showing the most expensive option as the first option in a list causes people to spend more. Even non-pricing numbers can anchor someone to a higher price such as a phone number or SSN.
6. Flat rate pricing Consumers like flat rates instead of having to pay for things individually even when the flat rate is more than the individual items. Think all-inclusive resort. Try to bundle your offering, charge more, and make additional revenue.
7. Price position Positioning prices to the top and left of a webpage or ad makes it feel less expensive. Objects on the right pull downward and "feel" more expensive. Use positioning to your advantage.
8. Words Matter Using words like "low", "small", or "tiny" around pricing helps make them feel less expensive. Using fewer syllables in a price makes it seem less expensive as well. $27.82 vs $28.16, the latter feels smaller.
9. Alliteration Alliteration helps make a product feel less expensive. Eight eighty-eight feels less expensive than Eight seventy-two. Use this to your advantage especially if prices are given via phone.
10. Decoy Pricing Consumers are given three options, but the middle option is only there to boost the sales of the third option. For example, small, medium, and large popcorn cost $3, $6.5, and $7. The medium causes more people to buy the large because it feels like a deal.
Use pricing psychology to your advantage with these 10 techniques: 1. Value Pricing 2. Charm Pricing 3. Innumeracy 4. Price Appearance 5. Anchoring 6. Flat rate pricing 7. Price position 8. Words Matter 9. Alliteration 10. Decoy Pricing
Follow me @jaredablon for more. Like/Retweet the first tweet below for more pricing tricks: <a target="_blank" href="https://twitter.com/jaredablon/status/1543254856928215040" color="blue">x.com/jaredablon/sta…</a>
@iamdangrant Thanks, appreciate it!