Psychological Pricing

Pricing Strategies Price IntelligentlyTM

PSYCHOLOGICAL PRICING:

WHERE’S YOUR HEAD AT?

Have you ever left the mall and realized you blew your budget?

Don’t worry it’s not your fault

Stores are psychologically designed to get you to spend money

On the bright side, you can use these tactics too!

Let’s go over 4 of the most common psychological pricing techniques

Artificial Time Constraint: Create a sense of urgency to purchase

Make your product seem exclusive; play hard to get

Charm Pricing: End your pricing with .99 to suggest a great deal

Conversely, whole dollar prices now imply great quality

Innumeracy: Customers get confused by lots of numbers

They like “Buy One Get One Free” more than getting 50% off (they’re the exact same!)

Price Appearance: Longer prices seem more expensive

Try shortening your prices to “24” instead of “$24.00”

Key to using these tactics is to be honest and transparent with your pricing

Pricing should leave both you and your customers happy!

Download our free e-book to stop guessing, and start pricing intelligently.

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