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​13 Psychological Pricing Hacks to Drive Sales

13 Psychological Pricing Hacks to Drive Sales

September 21, 2018 - wikibuy.blog
Have you ever wondered why Apple chose to price songs in iTunes at .99 cents? Why all the food prices at football stadiums are listed from highest to lowest? Why Tiffany shows images of jewelry before showing the price?

The answer is price psychology.

Psychological pricing is a strategy retailers use to drive sales by tapping into the way the human brain works, including how we perceive quality, value and cost. Products that have been priced using psychological pricing techniques are designed to be more appealing to consumers, thus impacting buying intent.

​When used strategically and deliberately to price products and services, psychological pricing enables retailers to boost conversion rates, drive sales and increase revenue. To help get you started, we’ve compiled 13 psychological pricing tactics you can use to effectively price your products.​
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Psychological pricing is an effective sales-driving strategy for businesses. By tapping into human psychology and the way consumers perceive price and value, businesses are able to price products more attractively and influence purchasing decisions. In addition to amended price structures, offering discount prices, BOGO offers and coupons is another research-backed way to influence sales.​
​
Sources: Cornell | Journal of Consumer Research, 1, 2 | Quantitative Marketing and Economics | University of Arizona | Neuron | Carnegie Mellon University | Predictably Irrational | Journal of Consumer Psychology 1, 2 | Journal of Product and Brand Management | Journal of Marketing Research| Priceless: The Myth of Fair Value
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Contact Us
  • HOME
    • Home Furnishings "STUFF"
    • About Us
    • Commitment To Our Veterans
    • Free Marketing Analysis - No Strings-No Sales Pitch
  • Social Platforms
  • Technologies
  • Marketing Integration
    • Free Marketing Analysis - No Strings-No Sales Pitch
    • How Social Media is Changing Brand Building & Retail
    • Brick & Mortar Retail Touch Points Exposed
    • The Secret to a Good Mobile Website for Retailers
    • U.S. Newspaper Revenues Hit 50-Year Low in 2012
    • Future Retail Trends-2015
    • The Power Of Gen Y in Today’s And Tomorrow's Workplace [INFOGRAPHIC]
    • Brick And Mortar Retailers May Become Extinct If They Do Not Embrace The New Economy >
      • A Retailer's Guide to Webrooming
      • INFOGRAPHIC - Do men and women shop differently online?
    • How Big Is Amazon {INFOGRAPHIC}
    • Why retailers must excel in the 4 Cs instead of just the 4 Ps
    • E-tailers: Tips, Trends, and Reasons E-Commerce is About to Boom
    • Is Texting The New Marketing Engagement Frontier
    • Which Social Network's Users Make the Most Money? [INFOGRAPHIC]
    • 120 Awesome Marketing Charts, Graphs and Statistics
    • What It Costs A Business To Do Social Marketing
    • The NEW Retail Demographics
    • More Shoppers Reach for Mobile to Browse, Buy >
      • Online Reviews Influence Shoppers Most, but Print Catalogs Trump Social Networks
      • How Shoppers Use Smartphones to Save Money
      • Age, Gender Determine 'Go-To' Devices
  • MY RETAIL RANTS BLOG
  • CONTACT US
    • free marketing help desk