What’s the difference between $1.00, $0.99, and $0.98? More than you might think.
We’re not talking about a few cents here. We’re talking about pricing psychology, which is explained in this infographic from Wikibuy, a browser extension that finds lower prices at other sellers while you shop on Amazon.
Retailers use pricing tricks, based on brain science, to appeal to shoppers’ perception of quality, value, and cost—driving up conversion rates in the process.
With insights like these in mind (and putting them to use in your marketing campaigns), see if you don’t start generating better sales results:
- Prices shown in smaller font sizes are perceived as—you guessed it—smaller/less.
- When three items of varying prices are shown side-by-side, shoppers tend to select the one in the middle.
- Consumers tend to like round numbers (e.g., $100) when making emotional purchases and non-rounded numbers (e.g., $99.56) for rational purchases.
Got you thinking? Don’t miss all 13 of the psychological pricing insights:
Continue reading "13 Psychological Pricing Hacks to Increase Sales [Infographic]" ... Read the full article
MarketingProfs provides thousands of marketing resources, entirely free!
Simply subscribe to our newsletter and get instant access to how-to articles, guides, webinars and more for nada, nothing, zip, zilch, on the house...delivered right to your inbox! MarketingProfs is the largest marketing community in the world, and we are here to help you be a better marketer.
Sign in with your preferred account, below.
You may like these other MarketingProfs articles related to Marketing Strategy:
How to Identify and Prevent B2B Channel Conflict
You have a big channel partner who has doubled your sales. Yeah! But then the partner starts making decisions willy-nilly without checking with you. D'oh! Here's how to prevent similar conflicts. read this »
Could NFTs Replace Your CRM Strategy?
Do the potentials of blockchain technology go beyond the novelty of "owning" a digital piece of art? Perhaps. Future marketers could harness NFTs for functions typically associated with customer relationship management. read this »
What Marketers Need to Know About NFTs
Okay, we've all heard about NFTs. But are they actually useful in the marketing world? How can brands incorporate them into their strategy? The answer may lie in community-building. read this »
The B2B Marketing-Sales Divide: More Leads vs. Better Leads
B2B marketers say their biggest marketing concern is how to generate more leads, whereas B2B salespeople say their biggest marketing concern is how to improve lead quality, according to recent research from SharpSpring and Ascend2. read this »
It's 2022: Do You Know Where Your Sales Reps Are?
Digital transformation doesn't have to turn your sales reps into disembodied Internet heads. B2B buyers have become more self-serve, yes; but it's still advantageous for them to work with seller expertise, even post-pandemic. read this »
How to Create a Successful Pride Campaign
Pride Month is upon us, and many companies will rebrand with rainbows to mark the occasion. But running Pride campaigns without aligning your brand with LGBT struggles is disingenuous. Here's how to do Pride Month right. read this »