Product Pricing: 7 ways to make your price look like a steal (without discounts)...
source link: https://nextbigwhat.com/product-pricing-7-ways-to-make-your-price-look-like-a-steal-without-discounts/
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If you want to make the price of your product more reasonable or less expensive, include a similar, but more expensive product next to it.
Seeing a similar item at a much higher cost causes you to believe it’s a great deal and pushes you to buy.
Williams-Sonoma had a $275 bread maker in their catalog that wasn’t performing well.
When they showed a similar bread maker for $429 and placed it next to the $275 one in an ad, sales for the $275 almost *doubled*.
Instead of using a “per year” calculation, give users a smaller timeframe, ideally, one that matches how frequently they’ll use your product – monthly, weekly, or daily.
When it comes to size, we perceive big fonts as hefty and expensive.
Use a smaller font to make your price seem more affordable.
Using odd numbers at the end of a price like 5,7, 9 seem smaller than 0.
Also, it looks so specific that it gives the illusion of the lowest price possible.
Add a 3rd less attractive option to influence the appeal of the two choices.
The decoy is not intended to sell, just to nudge consumers to the more expensive or profitable option.
Research shows it is more effective to price luxury products without the dollar sign.
The dollar sign or the word “dollar” triggered a pain-of-paying response.
Commas make a price seem longer and in our minds look “bigger”.
Remove the comma and people will perceive it to be lower.
1/ Anchoring
2/ Use a decoy
3/ Smaller font size
4/ Kill the dollar sign
5/ Remove the comma
6/ Shorten the timeframe
7/End price in odd numbers
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