Focusing on the value and price of the product is undoubtedly one of the most important concerns of the seller as he wants to get the highest possible percentage of profit while winning the customer and making him a loyal ongoing customer towards him. So what if you used some psychological tricks to increase your customers’ desire to buy your product by enhancing their perception that you are offering it at a lower price?
Yes, there are psychological tricks recognized by marketing experts for making customers think that the price written on a product is lower than it actually is. This type of marketing is called psychological pricing, so what is it? What is its most important strategy?
What is psychological pricing?
It is one of the effective psychological strategies in the field of marketing and is used when pricing a product to persuade a customer to buy the product because he psychologically feels that the price of the product is lower.
What are the most popular psychological pricing strategies?
There are many psychological strategies for pricing, which marketing experts believe can be effective in increasing profits and achieving sales, the most famous of which are as follows:
1. The Magician’s strategy: Reduce numbers in left field
In the past, the number 9 was widely believed to bring good luck, perhaps most famously when many stores priced their products at 99.99 piaster, for example, which gave people a reaction that the product was worth less than 100 Egyptian pounds. However, with the advancement of marketing science, experts found that this idea does not lie in the No. 9 itself, but in its positioning, so that the sales of a pen priced at 5.79 cannot exceed that of a pen priced at 5.8, because You won’t feel the price difference between the two products.
But when you write down that the pen costs 2.99, you feel like it’s worth more than £3, so the idea is to reduce the number in the field to the left, not the number 9 itself. Therefore, the latest marketing plan relies on not writing the correct number for the price, for example, instead of writing the value of the product as $50, write the price of $49.99.
2. Line and Color Strategy: Write Prices in Smaller Fonts
There is a confusion in the human mind between visual value and numerical value, and when a customer sees a number written in a smaller font, it makes him feel that the number has less value. Marketing experts have found that products with prices written in smaller fonts have a better chance of selling than products with prices prominently displayed in clear fonts. Therefore, in the case of discounts, it is recommended to do the opposite, that is, write the value of the discount higher, which will make customers feel that the discount is actually larger than its true value.
As for the color strategy, there is a note that writing the price of a men’s product in red increases its chances of selling, and in this interpretation, red signifies competition and domination, which is a matter of men’s personalities.
3. Weak word strategy: represent a few words
One of the most important psychological strategies for making customers feel that a product’s actual price is less than its value is to use words such as “lack of” and “scarcity” when describing a product. For example, if you’re marketing baby diapers, don’t use words like “highly absorbent” as this will lead customers to think that the high functionality of the product leads to a high price.
Instead, use words that mean the same thing but have different psychological connotations, for example, saying “less leakage capacity” when describing a baby diaper. This is related to the lower real value of the product price to the customer, which helps to increase the value of the product. A customer’s desire to purchase a product.
4. Pricing strategy based on daily use: Make the daily value of your product a low price
One of the very important psychological strategies to make customers feel that the daily value of the product is very low. For example, if you are a company selling cooking products, let’s say cooking oil, and you set the price at 300 Egyptian pounds, the customer may feel that the price is a bit high at this point, but if you tell him that the package is enough for at least four months , here will be the actual daily value of a product. Only about 4 lbs, and then it feels like less value.
5. Attractive offer strategy
This strategy works because many stores offer multiple offers that allow buying two products together at a lower price than buying each product individually. Or buy one product and get another as a free gift, so the buyer thinks he’s getting the product at a special price and he’s taking advantage of the special offer.
6. Affordability Allocation Strategy: Installment Payments Instead of One-Time Payments
This strategy is ideal, especially for high-priced products. How many times have you seen a particular product only to realize you can’t buy it because it’s priced so high and the only way to do it is to pay for what you have to offer. Several times, so that each time is a small amount suitable for your ability.
7. Trick Effect Tactics: Drive Purchases of Larger Products by Adding Significant Value to Smaller Products
This psychological tactic shows up in the marketing of retail stores, restaurants, movie theaters, and other venues that rely on displaying products in different sizes (small, medium, and large) and then offering the average product at a fairly high price, which drives you Buy a larger product. In a clearer sense, when you go to a restaurant and find out that a certain sandwich comes in three sizes and sells it for £50 for a small, £80 for a medium and £100 for a large, the logic is: you’ll buy The biggest, because the average price is greater than its actual value, which gives you a psychological feeling that the big price is special and the value is higher, so you want it.
These eight tactics are the most popular psychological pricing methods that help sell your product and increase your audience’s demand for it. Of course there are many other methods, but these methods are the most simple and effective, so we recommend that you follow them when marketing to ensure your product profit and increase sales.