Mastering the art of pricing is quite challenging but by employing effective psychological pricing strategies, one can easily persuade their site visitors and convert them into buyers. The pricing page is a crucial element of every business as with smart pricing, one can easily drive better sales.
Psychological pricing is the core science that is used behind pricing strategies. The pricing page is quite challenging to write & optimize but incorporating an effective psychological pricing strategy can help you convert your sales better. By getting the pricing of your products & services right, you can definitely yield better results.
Psychological pricing is a strategy that various businesses use to drive better sales by tapping into the way the human brain works. You need to make use of psychological pricing strategies to understand how you can price your products to show them more appealing to consumers, thus influencing their buying decision. When you price your products/services strategically then it results in attracting the potential customers & they end up filling up their virtual carts.
In this article, we’ve rounded up some of the most effective pricing strategies that can boost your sales:
Establishing a sense of urgency
The first psychological strategy that every business should consider incorporating is adding a sense of urgency. By portraying a sense of urgency, you can make your visitors feel compelled to take the action within a limited time. Creating an urgency situation is an old marketing trick that every business should use as it really helps in boosting sales. Due to the fear of missing out (FOMO) that people have, this strategy works effectively. People tend to act actively when they become aware of deadlines so by using this psychological strategy in your pricing page, you can make your potential buyers take urgent buying decisions.
All you have to do is attach a deadline after which the amazing deals on the products/services won’t be available then this will create an urgent situation for the people.
The next strategy that you must incorporate to drive better sales is charm pricing. Charm pricing is one of the most common pricing tactics that businesses use on their pricing page. The charm pricing is also considered as a left-digit effect. Rounding up the price to 0.99 can magically impact your visitors’ buying intent. The psychological reasoning behind the working of this strategy is that our brain focuses more on the first digit of the price so when we state the price 49.99 instead of 50 then we psychologically think that 40 is closer to 49 rather than 50, though we consciously know it very well. This charm pricing strategy is quite common in the world of e-commerce.
The next pricing technique that you should be using is odd pricing. Sometimes, setting an odd price of your product or service can really have a positive effect on the sales & conversion rates. This psychological tactic works best for technical or electronic devices. When you put an odd price on the products then people tend to believe that they are paying a rational price of the product. If you sell electronic products then you should add odd pricing to boost your sales.
Offer a freebie
Everyone loves to have freebies as it not only makes your buyers shop from your store but also induces them to come back for more. Offering freebies or discounts is the best way make your visitors choose you over your competitors. Don’t forget to make sure of your creativity to tempt your visitors with amazing offers. Also, make sure to do proper research to figure out offering what discount can really make your customer buy your product.
The next psychological strategy that you should consider incorporating is comparison pricing. Almost every customer compares the pricing of similar products before making a buying decision. So, the best psychological tactic that you can use is positioning two similar products side by side so that people can easily decide what to buy. If you want to sell a high-value product then make sure to position it next to a normal priced product so that your customers can decide which one to choose based on their features & value.
The next powerful psychological pricing strategy that you need to incorporate is bundle pricing. This strategy works best when your potential visitors prefer to make large purchases. You can make your visitors shop more than one product by offering them in a bundle. This strategy work because people think that items offered in a bundle would cost less than buying them separately.
The next psychological pricing strategy that you can use is simplistic pricing. Not many business owners understand that simplistic pricing can really have a big effect on the sales of their product. To use this strategy, you need to simplify your pricing so that few syllables are required to pronounce it.
Highlight different prices
The next psychological strategy that you should use to boost sales is highlighting different prices. If you want to offer a sale on your products then you should consider making the normal price & discounted price highlighted side by side. This psychological trick works best when you use different font colors for the new price so that it can grab the attention of the visitors & they end up buying it.
So, these are the most effective psychological pricing strategy that every business needs to use while optimizing their pricing page.
To sum this up we can say that, incorporating psychological strategies will surely help in making a big difference in your sales & conversion rate as these strategies will surely induce your potential customers to make the purchase.