Here is a special offer for you!
Subscription to my website 4,99 $
A printed version of my blog 9,97 $
Mug with the website logo 14,91 $
If you buy all of them just 19,99$!
Yes, I used pricing psychology! Okay, let’s see what I did! First I used decoy pricing and I combined it with charm numbers but just with the odd number method. Pricing psychology is one of the most important ethical manipulation methods in marketing. So let’s see one by one.
Decoy Pricing
I gave you a couple of products with their prices and added them all in one package, and this price is cheaper than buying one by one. Of course, nobody needs to buy a printed version of my blog! It is just for raising prices for selling! Behavior science says, If there are many options in one package people will think that it is a better offer and that they can buy it! So this is decoy pricing.
Charm Numbers
The second method is charm numbers. It means that not directly saying 10 dollars, 9,90, 9,95 is way better. Less than 10. But if you want to use the charm numbers method, odd numbers are more effective than even numbers. That’s why I used 4,99$, 9,97$, 14,91$
Price Appearance
The third one is, about visuals. Visuals of price labels for the website or real store. Labels should be always small. Just changing the design you can change customers’ opinions about buying decisions. The general name of this tactic is price appearance.
Innumeracy
If there is a promotion, do not put so much knowledge on the customer. Customers do not want to calculate discount rates.
For example;
One pair of shoes: 50$
Offer 1: If you want to buy 2 pairs of shoes, you will get a 50% discount.
Offer 2: If you want to buy a pair of shoes, the second one is free!
According to research, people think that the second one is better. Because they do not need to calculate anything, and there is a magical word, FREE. This phenomenon is called Innumeracy.
Prestige Pricing
This is not related to discounts. For some examples, price can give more details about the quality. If a product’s price is high, product quality should be high too! For example, Rolex is an expensive brand. So if you want to sell a product to the same target, you need to think about the prices of Rolex too.
Centre Stage
A short explanation is, If there are three choices, most will focus on the middle one. If you want to sell products in the middle, it is a perfect method, but If you want to earn more, change this method to all included packages.
Flat Rate Bias
It is for lazy consumers. These consumers, do not want to see any complicated plan. They want to pay just one price and they want to see everything is ready for them. This method is effective for travel companies. For example, all-inclusive tours for Australia are just 900$. Maybe this package is more expensive than buying flight tickets, making reservations to hotels, etc, but still, it makes sense for these types of customers.
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