Psychological Pricing
22
Pricing Strategies Price Intelligently TM PSYCHOLOGICAL PRICING: WHERE’S YOUR HEAD AT?
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Psychological pricing is used by stores to get you to open up your wallet. These tactics can also be applied to improve your pricing strategy too.
Transcript of Psychological Pricing
Pricing Strategies Price IntelligentlyTM
PSYCHOLOGICAL PRICING:
WHERE’S YOUR HEAD AT?
Pricing Strategies Price IntelligentlyTM
Have you ever left the mall and realized you blew your budget?
Pricing Strategies Price IntelligentlyTM
Don’t worry it’s not your fault
Pricing Strategies Price IntelligentlyTM
Stores are psychologically designed to get you to spend money
Pricing Strategies Price IntelligentlyTM
On the bright side, you can use these tactics too!
Pricing Strategies Price IntelligentlyTM
Let’s go over 4 of the most common psychological pricing techniques
Pricing Strategies Price IntelligentlyTM
#1
Pricing Strategies Price IntelligentlyTM
Artificial Time Constraint: Create a sense of urgency to purchase
Pricing Strategies Price IntelligentlyTM
Make your product seem exclusive; play hard to get
Pricing Strategies Price IntelligentlyTM
#2
Pricing Strategies Price IntelligentlyTM
Charm Pricing: End your pricing with .99 to suggest a great deal
Pricing Strategies Price IntelligentlyTM
Conversely, whole dollar prices now imply great quality
Pricing Strategies Price IntelligentlyTM
#3
Pricing Strategies Price IntelligentlyTM
Innumeracy: Customers get confused by lots of numbers
Pricing Strategies Price IntelligentlyTM
They like “Buy One Get One Free” more than getting 50% off (they’re the exact same!)
Pricing Strategies Price IntelligentlyTM
#4
Pricing Strategies Price IntelligentlyTM
Price Appearance: Longer prices seem more expensive
Pricing Strategies Price IntelligentlyTM
Try shortening your prices to “24” instead of “$24.00”
Pricing Strategies Price IntelligentlyTM
Key to using these tactics is to be honest and transparent with your pricing
Pricing Strategies Price IntelligentlyTM
Pricing should leave both you and your customers happy!
Pricing Strategies Price IntelligentlyTM
Download our free e-book to stop guessing, and start pricing intelligently.
Pricing Strategies Price IntelligentlyTM
Download our free e-book to stop guessing, and start pricing intelligently.
