Brain Driven Brands 8 Pricing Psychology Facts You Need to Know
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Nov 7, 2024 Discover the secrets of pricing psychology and how it impacts consumer behavior. Learn key insights that can boost sales, especially around discount periods like Black Friday. Explore scientific strategies and psychological triggers that drive purchasing decisions. Master the art of pricing to market your products effectively and attract more customers.
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Price Endings
- Consider ending low-priced products (under $100) with 99 for better sales.
- Higher-priced products tend to perform better ending in 95.
Form vs. Function Pricing
- Price pleasure-focused products with round numbers (e.g., $47).
- Use prices with cents for utilitarian products (e.g., $32.95).
Personalized Pricing
- Use prices that resonate with customers' personal details.
- Try incorporating birth years or birthdays into loyalty program pricing for better engagement.