Favorable prices always attract the consumer. The main principles of marketing are based on competent pricing. That is, the price of a product plays an important role in whether consumers are willing to buy it. Therefore, it is worth manipulating the prices of products and services in order to increase customer engagement.
PropellerAds has revealed the best pricing principles to us. The advertising network provided significant examples of a good psychological impact on the consumer through price changes and also shared working approaches in this matter. So read on and start applying the instructions today!
What is psychological pricing and how to use it?
Psychological pricing is a technique that focuses on influencing consumer behavior through manipulating product prices. This approach works similarly to discounts. Users think they are getting the best deal and cannot refuse it.
The most famous psychological pricing trick is $ 99.9 instead of $ 100. Everyone knows about this trick, but it keeps working (:
The same method may not work in different cases. Therefore, you need to analyze which of the methods suit you best.
Let's take a look at the most effective techniques and examples of psychological pricing.
Prices with Fewer Syllables
The length of the words affects the success of your proposal. The shorter and snappier the information, the more likely your gaze will fix on it. Few people want to strain their eyes and waste time delving into the meaning of the sentence.
Consumers need more mental power to process numbers with more syllables, you may be better off choosing shorter words.
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| Selling products for $30.50 (4 syllables) rather than $27.99 (7 syllables) | “Available for only $30.50” |
Words and adjectives associated with small values
You must psychologically influence consumers and convince them that it is not expensive at all. Therefore, use such words whenever possible.
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| Rather than promoting products as “powerful” (large magnitude), you should use terms like “low maintenance” (associated with smaller magnitude). | “A low-maintenance solution for every household” |
Place Low Prices on the Left-Upper Side of Your Content
Psychologists have found that consumers are much more receptive to low prices which are presented at the top left of the screen. And they associate the right side with higher prices.
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| Always make sure the price is as close as possible to the upper-left side. | “$499 in total savings!” |
Compare the original cost of the product and the current
First, we point to the original cost of the product so that consumers can estimate that price with a new bargain price. This way, they will think they are buying the product at a really good price. Therefore, your chances of selling are increased. You can say something about promotions, limited goods, purchases on loans, etc to "reduce" the price for consumers.
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| Promoting $30 products as “costing $1 per day” in your ads. | “It can be yours for the equivalent of $1 per day!” |
Expose Your Audience to Two Multiples of the Price
Research has revealed that consumers are more likely to opt for a promotional offer if the audience is exposed to two multiples of the price.
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| Offer a product for $12 and manage to include the numbers 2 and 6 in your ads, they will have a higher chance of converting. | “Get 6 awesome designs and 2 color choices included in the $12” |
Round up prices
Consumers are more likely to prefer rounded numbers. For example, $ 10, $ 10.5. The exception is promotional prices like $ .., 99.
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| If the product cost is $78.59, go for more round values. | “Available to you today at only $80” |
Choose red prices for male audiences
Men love red! This color subconsciously disposes them to purchase. Of course, this case doesn’t work 100%. But they are more likely to choose a promotion if the price is shown in red or a similar color.
Example:
“Order yours now for $9.99”
Tell us about the promotion in simple words
You shouldn't always use percentages and force consumers to calculate the final discounted price. Sometimes it is worth talking about a promotion in simpler terms.
| Compare | Choose |
| Rather than advertising something as 50% off, tell potential customers how many products they get instead. | “Buy one and get one Free!” |
Bundle Pricing
Package prices are based on the same idea as discounts. This way you convince consumers that they are getting a substantial discount (even if they are not). The main thing is to suggest that it is more profitable and more convenient to buy with a package.
Example: Special promo. Only this week! Order a pack of 5 today!
To sum up
The psychology of pricing is a whole science that deserves special attention from marketologists. Today, PropellerAds shared the best pricing principles which will help you increase your sales. Put them into practice and be content with the results!
Find more information in PropellerAds blog >>
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