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You can add $13 000 in revenue in 1 week. The best part? You can do it without even touching your product. Steal my pricing tactics that have brought easy sales for 50 startups:
1/ Add a high anchor Look at the two plans below. Both feel expensive, right? Let me fix it in the next tweet:
After we added a high $189 anchor, the $39 plan has become a good deal and doesn't seem pricy.
2/ Put the best option in the middle For our brain, middle means safe. When we don't know which option to pick, we intuitively go for the middle. So help your customers make the right decision:
3/ Scarcity Scarcity helps us in 2 ways: A) It proves that others are buying from you B) It adds the fear of missing out
4/ Sell annual subscriptions at monthly prices When you see high numbers below, you want to take a few days before purchasing. But this is easily fixed:
Sell in smaller amounts. It is WAY easier for someone to commit to $60 than to $720. I'm not saying you should hide the total price. I'm saying you can leave it for the checkout page. Let the buyer mentally take the deal first.
5/ Decoy effect Did you know you can direct your customers towards the desired plan? That's exactly what marketers did for Economist in 1980. This stupidly simple idea increased magazine's sales by 45%:
Want to make your best plan a no-brainer? Price your decoy at the same amount.
Pro tip: Price your decoy closer to the plan you want them to buy.
6/ Reduce the number of characters We hate complexity. The more syllables something has, the more resources it takes for your brain to process the number. Even when you don't read it out loud.
Make your prices easy to read: $1, 350.00 is annoying. $1,350 is better. $1350 is best.
7/ Use "fair" pricing $100 and $1000 feel like the most made-up prices ever. Add unintuitive numbers at the end of your plans. This will present them as calculated and fair.
7 tricks that increase your sales with 0 effort: 1) Decoys 1) Scarcity 2) Anchoring 4) Safe option 3) "Fair" pricing 5) Selling in smaller amounts 6) Reducing the number of characters
Which pricing tactic is your favorite? Leave me a comment below! 1. Follow me @Denis__Shatalin to fast-track your startup's growth. 2. Share these hacks by retweeting the 1st tweet below: <a target="_blank" href="https://twitter.com/Denis__Shatalin/status/1572239924945997825" color="blue">x.com/Denis__Shatali…</a>
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