Can you believe that pricing is actually the biggest mistake most business owners and companies make? It’s fine if you ask them, but in fact, they are earning just enough money to cover up their expenses, years after years, they never generate a good amount of fortune.
By utilizing psychology, which some companies gave it a shot, as you might have guessed, they began generating more money ever than before, some businesses even managed to boost their sales up to a whopping 45%!
Listed here are three psychological pricing little tricks that effectively work:
#1) Kick Off the Dollar Sign
It is actually wise to remove all dollar signs from your menus, posters, price tags…etc Why?
Because you want to remove all signs (or hints) of expenses away from customers, instead of letting them think of how much the costs are and how much they will need to spend to get it, drive their full attention towards the actual product.
Why does this work? Simply due to the fact that the two words “spending money” is our of their focus, the customers are more engaged into the products and not the prices of them.
As an alternative you could try using three dots “…” instead of the “$” symbol.
#2) Pricing Simplicity – Easy Maths
What do you think is the most popular and effective pricing strategy in the world? If you can’t think of one, I’ll tell you, it is fractional pricing, which is pricing items at $9.99 or similar instead of displaying a full whole number of $10.