If you’re like most marketers, you’re probably bracing for one of the most challenging holiday seasons yet.
Now, many brands will rely on discounts and special offers to steal shoppers away from the competition.
But Samantha Leal has other tricks up her sleeves.
7 ways to make your price look like a steal (without discounts):
— Samantha Leal (@samanthalcc) September 20, 2022
Instead of slashing prices, she suggests using psychology to make your prices look like a steal. Here’s what she recommends:
1 – Anchoring. This is a technique where you display the product you want to sell next to a similar, but much more expensive product.
It helps customers believe they’re getting a great deal by opting for the cheaper, yet similar product.
2 – A smaller time frame. If you’re selling a frequently-used product or service, try to “zoom in” the timeline. Instead of “$1200 per year,” say “only $3.30 per day” or “$23 per week.”
3 – Smaller fonts are better. Believe it or not, big fonts appear expensive and obtrusive. Using a smaller font makes your price seem more affordable.
4 – End with odd numbers. Shoppers perceive odd numbers as smaller than those ending in 0. So it’s much more effective to price your product at $99 or $97 instead of $100.
5 – Use a decoy. Put a third, middle-priced option between a lower and a higher priced product.
The middle priced option should offer much less than the higher-priced option for a slightly lower price. This decoy will “nudge” a buyer to a higher-priced product since it’s a better value.
6 – Scrap the dollar. A dollar sign, or even the word “dollar” can make customers feel the pain-of-paying. So try pricing your more deluxe products using plain digits.
7 – Remove the comma. A comma “extends” the price, making it appear bigger. Remove the comma and the price instantly drops… at least in your customer’s eyes.
And there you have it… Simple shopper psychology that may help you just in time for the holiday season. We’ll leave you to adjust your pricing now…