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4 Pricing Psychology Tips to Increase Your Online Sales

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What does it take for buyers to click 'Buy now'?

Understanding how your buyers make that all-important sales decision is key.

The field of psychology in pricing is huge, and a little intimidating. But once you make a start and begin conducting your very own tests, theories begin to take shape that make sense for your business.

Here, we break down 5 simple and actionable steps to re-up your pricing strategy and increase those sales using psychology.

 

1. Charm pricing

Our brains process information very quickly and form immediate emotional decisions based on what we see.

You can make use of the way our synapses work by playing on the way your customers feel about pricing.

Charm pricing is one way to achieve this: Drop a price by a digit so it appears less expensive to the brain.

For example, a $40 product compared to a $39.99 product seems higher in price but is only one cent more.

Our neural pathways love a fluid connection, so keep the digits as challenge free as possible to smooth an emotional response.

When something "just feels right", a sale isn’t far away. We also have a tendency to connect with a price that has a round number. This means that we process a product at $60 more easily than a $58.64 pricing.

Try pricing your products using a round number and also a charm number. See what works with your audience and reuse the same formula with the rest of your products.

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2. Set high expectations

Want to make your product look like an amazing, no brainer value deal?

Prime the brains of your customers by showing a higher-priced product than the one you intend to sell.

This gives them an idea of how much the product is worth, and by comparison, shows the product you are promoting to be a good deal.

For example, you could show the price of a consultation session with you at $250, then show how a $9.99 ebook with your step-by-step process is a killer deal.

By showing a higher number first to the brain, your customers will note a drop in price. This encourages them to buy!

 

3. Use their pain points

Use the same language your customers do when talking about their problems and pain points.

Some great places to look for examples of this are:


Keep a swipe file of the exact words and phrases your potential clients are using. This way, when you pose the solution to them, it resonates on an emotional level.

 

4. Don’t discount—add more value

It can often be tempting to offer a discount, but in pricing psychology terms, many will perceive price drop as a drop in value.

Instead, add extra resources or complementary products to hook your buyers.

The price remains the same, but the perceived value increases.

You could play with using an upsell or cross-sell for limited time periods or as a specific promotion. Then, measure to see which trials perform the best.

With these tips in place, you’ll have a formula to test, replicate and improve on for steady sales and income.

 
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