Looking for a great way to boost sales? Psychological pricing could be the key to getting the results you crave.
High street stores have been utilizing psychological pricing for decades. Not only is it easy to do, but it’s also extremely effective. Here, we’ll look at some of the best psychological pricing tips you can follow to start driving more sales.
It’s All about the Numbers
Did you know that a large part of psychological pricing is all about the numbers? Reducing the last number by just 1 can make a huge difference to how well your products sell.
High street stores are particularly clever at using this psychological pricing tip. You’ll often see goods priced something like $27.99 instead of $28. Why? Because that 1 cent difference makes it look a lot cheaper than it actually is. Customers are much more likely to purchase something if it ends in 9 or 7.
Offer Something for Free
Another clever psychological pricing tip is to offer something for free. Consumers love getting something for nothing. Even if they have to make a purchase to receive a freebie, they’ll still want it. This is a clever way to get customers to buy something they previously weren’t considering.
It could be a “buy one get one free” offer, for example. Or, you could offer a free eBook with a purchase. Another freebie option is to offer a free trial of your product. As long as it’s great and provides value, the consumer is more likely to purchase the product after the trial period ends.
Consider Prestige Pricing
You don’t always have to focus on freebies and cheaper pricing to draw in customers. In fact, prestige pricing can often work just as well.
With prestige pricing, you’re effectively setting a high price for your product. This gives it a more exclusive and luxurious image. It works in the complete opposite way to using 9 and 7 numbers. If your product is priced at $100, rather than $99.99, it gives it a more valuable image in the customer’s mind. So, if you’re trying to target high-paying customers, prestige pricing tends to work well.
Offer Installments
You could also offer your product in payment installments. When a customer can spread the cost of a purchase, it makes them more likely to invest. This is down to two factors.
Firstly, payment installments can work well for those trying to budget their money. They may not be able to afford the full amount but could commit to a lower upfront cost. Secondly, it sounds much better to pay four installments of $25 than it does to pay $100. So, this is a great tip for increasing the amount of sales you make.
Psychological pricing really can work if you do it right. The above are some of the best tips you can follow to make this pricing strategy work for you. You may find it a good idea to experiment with the different tips above. Some will work better than others depending upon the types of products you’re offering.
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