3 price strategies based on psychology. They are valid both for companies and for anyone who wants to sell something, launch a new product or negotiate the sale of a property. Sometimes it is not only important to look for the best prices in things also in services, to look for the best prices is difficult, but if it is a low cost dental implants opportunity in Tijuana with Bartell Dental you have to take advantage of the situation for your benefit.
Here we will learn how to put a price on things to maximize the benefit.
Step 1: Determine the price
Large companies have an advantage. They can afford the best of the best in marketing research (joint analysis, for example) to find the optimal price for their products. Small businesses do not have that luxury. That’s where psychology comes in.
According to research on behavior and knowledge, certain prices are more effective than others. Even if they do not find the exact optimum, any business can make small-albeit powerful-adjustments to maximize the effectiveness of its price. And free. In this section we will learn how the public processes the numerical values (and how to adjust the price figures accordingly).
Strategy: Use an attractive price
During the last two decades, the world of marketing has fallen into the hands of attractive prices: those that end in 9, 99 or 95.
Strategy: Use the right amount of fluency
When determining the figures of your price, you should also consider how fluid the process is, the ease with which the information is processed. We can infer certain characteristics about a price, based on the ease of the process.
Tactic 2: Use an appropriate rounding
One aspect to consider is the rounding in the price. Round prices – which are processed with ease – work best in emotional purchases. When customers can process the price quickly, the price “seems fair.”
Clients need to invest more mental resources to process prices without rounding. So those prices seem more suitable for rational purchases.
In spite of that direct evidence, a warning: even if the context of purchase is emotional, you have to avoid rounded intervals. The public assumes that those prices are artificially inflated, so where does rounding help? Rather it serves to know when to add cents to your price.
If the purchase is emotional, then remove the cents.
If the purchase is rational, add cents.
Tactic 3: Choose numbers with few syllables
Our brain uses more resources to process more extensive phonetically prices. We use more mental resources, we falsely infer that those prices are also more expensive. The counter is more important. The public perceives that the price is lower if it contains few syllables.
They found a positive relationship between syllabic length and perceived magnitude. Even if the two prices have the same length in writing, people perceive the longer price as a higher price.