Your pricing strategy can be the key to boosting sales. And the human psyche is easy to manipulate. So how can you use psychology to boost your sales?
Nick Kolenda has a very useful pricing guide ("The Psyhology of Pricing"), where you can find 42 pricing techniques. (Definitely a must read guide)
Enough with introduction ... Let's see an example :)
In one study, Kim, Novemskey, and Dhar (2012) asked two groups of participants if they wanted to purchase a pack of gum. Each group had two options:
- GROUP 1: Exposed to the same price (e.g., 63 cents)
- GROUP 2: Exposed to a price difference (62 cents vs. 64 cents)
Despite a trivial difference, people were much more likely to choose a pack of gum when a price difference existed.
So why did that happen? Shouldn’t the first group be more likely to choose an option — since the gum was priced similarly?
Do you have similar products with exactly same price? Probably it's a good idea to make some changes.
If you want to find answer for example described above or to discover other pricing tricks:
View - The Pshyhology of Pricing - (FREE guide)