The Psychology of Pricing

The Psychology of Pricing

Unravel the intricate web of pricing psychology and its profound impact on consumer behavior. Delve into the subtle art of price setting, exploring how numerical values can influence perceptions, drive purchasing decisions, and ultimately shape a business's bottom line.

Introduction

We underestimate some seemingly irrelevant factors and small details that can in fact influence the perception of pricing and eventually induce a potential customer to buy – or perhaps not – a specific product.

Avoid colors in the pricing sections

Colours are typically used to highlight or “add a weight”

Highlight Your Most Expensive Plan

This strategy is not meant to convince a customer to purchase the most expensive plan.

Position the Price Tag at the Top

Place the price tag at the top of the packaging so that potential customers think they must be lighter and thus more affordable

Final thoughts

Avoid overly coloring in pricing plans

Shorten the distance between the available plans

Try to shorten the distance separating the pricing plans and bring them together as much as possible

Naming your pricing plans

Properly name every single pricing plan and make sure that the size of the name is larger than the price

Source

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