Pricing as a Psychological Trigger 🤔

Read Time: 1.30 minute

No to $20.00 clothing item but yes to $19.49! Sound familiar? We've all been there, thinking we just saved a lot of money! 💸

Price isn't just a number; it's a psychological trigger. How you set your prices can shape how customers see your products or services and impact your overall success.

• Anchoring: Begin with a high initial price to make your product seem valuable. Then, offer time-limited discounts to create a feeling of urgency and make the offer hard to resist.

• Decoy Pricing: Present a higher-priced option with less value alongside your preferred option to make it look more attractive. Place this choice strategically to help customers make decisions.

• Scarcity: Highlight limited stock or time-sensitive offers to prompt quick action. Create exclusive deals for a select few to make customers feel special.

• Pricing Bundles: Combine related products or services at a discounted price to boost their perceived value. Let customers customize their bundles for a personalized experience, making them see even more value.