11 Powerful Pricing Psychology Tactics
Influence your buyers with these 11 powerful pricing psychology tactics. These tactics are subtle and won't be noticed by the customer, making them even more powerful.
![Author profile image](https://pbs.twimg.com/profile_images/1656776819109138432/v7zcelXD_normal.jpg)
Marketing Max
Bootstrapped & sold my 7 figure ad agency 🏆 Now building media & SaaS brands🤘🏼Sponsor my newsletter: https://t.co/PXwlvssYuZ 📈 Golf is life ⛳️
-
11 Powerful Pricing Psychology Tactics: (use these ethically…)
— Marketing Max (@MarketingMax) March 8, 2023 -
At every point in your funnel, you can influence your buyer dramatically.
— Marketing Max (@MarketingMax) March 8, 2023
These tactics will go unnoticed by the customer, and that’s why they’re so powerful.
And the best part?
They aren’t aggressive or off-putting.
So let's go... -
1: "Anchoring Effect"
— Marketing Max (@MarketingMax) March 8, 2023
Price your products higher initially to make subsequent prices appear more reasonable to customers.
Example: $50 for a hoodie followed by $30 for a T-shirt. -
2: "Odd-Number Pricing"
— Marketing Max (@MarketingMax) March 8, 2023
People perceive prices ending in odd numbers as more affordable than those ending in even numbers.
Example: $19.99 or $9.99 -
3: "Decoy Effect"
— Marketing Max (@MarketingMax) March 8, 2023
Offer a third option that's slightly inferior but cheaper than your main product to make the main product seem more attractive.
Example: Main product $150, Inferior product $130 -
4: "Scarcity"
— Marketing Max (@MarketingMax) March 8, 2023
Create a sense of urgency by highlighting limited supply or time-sensitive deals, which motivates people to act quickly (use sparingly, and only if it makes sense)
Example: Limited time, only 200 flat screen TVs available -
5: "Price Bundling"
— Marketing Max (@MarketingMax) March 8, 2023
Offer related products or services at a discounted price when purchased together, encouraging customers to spend more.
Example: Buy an iPad for $800 or buy an iPad and iPhone for $1100 -
A Quick Break To Say
— Marketing Max (@MarketingMax) March 8, 2023
If you like these skills so far, you will absolutely love my Growth Daily newsletter
It’s the fastest-growing marketing newsletter with the most important growth marketing news, tips & strategies!
Join 25,000 people subscribing here https://t.co/6Ph7HEU3MT -
6: "Loss Aversion"
— Marketing Max (@MarketingMax) March 8, 2023
People are more likely to act to avoid losses than to achieve gains. Use phrases like "limited time offer" or "exclusive deal" to tap into this.
Example: We have an exclusive collection of NFTs launching next week. -
7: "Framing Effect"
— Marketing Max (@MarketingMax) March 8, 2023
Present prices in different ways to influence how customers perceive them.
For example, "monthly subscription" vs. "annual subscription" can change how people view the cost. -
8: "Perceived Value"
— Marketing Max (@MarketingMax) March 8, 2023
Focus on the value of your product or service rather than the price to make it more appealing to customers.
Example: This automation system will let you spend more time with your family! -
9: "Premium Pricing"
— Marketing Max (@MarketingMax) March 8, 2023
Higher prices can make a product appear more luxurious and exclusive, attracting customers who want to feel special.
Example: Competition sells product X for $8.99, You sell product X for $15.99 -
10 "Payment Options"
— Marketing Max (@MarketingMax) March 8, 2023
Offering financing or installment plans can make your products more affordable to customers who may not have the funds to pay upfront.
Example: Monthly price is $10.99, Yearly price is $99.99 -
11 "The Goldilocks Effect"
— Marketing Max (@MarketingMax) March 8, 2023
People prefer choices that are not too few or too many, but just the right amount. Offer a moderate number of options to avoid overwhelming customers.
Example: Three different offers: low price, med price, high price -
Summary:
— Marketing Max (@MarketingMax) March 8, 2023
All of these are powerful in their own ways and at their own times.
It’s your job to employ them at the right time and in the right way.
Experiment and use what sticks! -
Thank you for reading!
— Marketing Max (@MarketingMax) March 8, 2023
If you enjoy this content:
1. Follow me @marketingmax for more!
2. Join 25,000 people reading Growth Daily for free here: https://t.co/6Ph7HEU3MT -
If you like this tweet, you will love my Growth Daily newsletter!
— Marketing Max (@MarketingMax) March 8, 2023
Join 25,000+ people by subscribing here:https://t.co/Eb9WpbYWc3 -
If you like this tweet, you will love my Growth Daily newsletter!
— Marketing Max (@MarketingMax) March 8, 2023
Join 30,000+ people by subscribing here: https://t.co/BLDqSYqQuy