It’s all about perception when it comes to pricing. Our brains remember a price as either being high or low, rather than as a specific number, Thus, the objective is to always try and get them to remember your price as low. Here are five pricing strategies that can benefit you:
Always reduce the left digit by one. Instead of $70, make it $69.99 or $80 to $79.99. Take this a step further by making the 0.99 smaller than the $79 to reinforce the perception of a low price.
This one might sound a bit weird, but try and pick prices that have fewer syllables. People tend to perceive prices to be smaller when they have fewer syllables. $47.82 (seven syllables) versus $48.16 (five syllables)
Display prices in small font to reinforce size magnitude. Small fonts create the impression of low pricing. However, for discounts, display them in large fonts to emphasize how big they are.
Remove the comma from the price to reduce the phonetic length of the price (e.g., 1,998 vs 1998). ‘One thousand nine hundred and ninety-eight’ (ten syllables) sounds higher than ‘nineteen ninety-eight’ (five syllables).
When making pricing statements, try and reframe the pricing into its daily equivalence to make it seem smaller. Instead of saying $14 a week, say $0.49 a day, or for as little as the price of a cup of lemon tea.