Brain Driven Brands
8 Pricing Psychology Facts You Need to Know
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.
15:30
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Quick takeaways
- Price endings, such as '99' for low-ticket items and '95' for high-ticket items, significantly impact consumer purchasing behavior.
- Understanding the psychological differences between utilitarian and hedonic products can help marketers tailor their pricing strategies effectively.
Deep dives
The Importance of Price Endings
The way prices end can significantly influence consumer behavior, particularly with low and high-ticket items. Research indicates that products priced under $100 perform better when their prices end in '99', while higher-priced products resonate more with endings of '95'. For marketers, understanding this nuance can help optimize pricing strategies to enhance sales performance. This insight comes from various studies highlighted in the Handbook on the Psychology of Pricing, which emphasizes the importance of these details in pricing psychology.
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