Leveraging Consumer Psychology for Increased Sales

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Episode 1642:

Steve Chou breaks down the subtle psychological pricing strategies that retailers use to influence buying behavior, revealing how numbers, layout, and perceived value impact purchasing decisions. Listeners will walk away with actionable insights to improve their own sales tactics or become savvier consumers.

Read along with the original article(s) here: https://mywifequitherjob.com/pricing-psychological-mind-games-that-stores-play/

Quotes to ponder:

"One of the most common pricing tricks is to set prices just below a round number, like $9.99 instead of $10."

"People tend to perceive prices that are 'just below' a round number as significantly cheaper than they really are."

"Bundling products together can make customers feel like they are getting a better deal, even if the total cost is the same or higher."

Episode references:

Predictably Irrational by Dan Ariely: https://www.amazon.com/Predictably-Irrational-Revised-Expanded-Decisions/dp/0061353248

The Paradox of Choice by Barry Schwartz: https://www.amazon.com/Paradox-Choice-Why-More-Less/dp/0060005696

Influence by Robert Cialdini: https://www.amazon.com/Influence-Psychology-Persuasion-Robert-Cialdini/dp/006124189X

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