The Jasmine Star Show
How to Attract Higher-Paying Customers Through Your Pricing Strategy
Nov 19, 2024
Discover the secrets behind successful pricing that make products fly off the shelves. Learn about five psychological strategies that can attract higher-paying customers and boost your sales. From offering the right number of options to enhance attractiveness, to leveraging limited-time offers ethically, these insights are packed with practical tips. Additionally, find out how packages can increase perceived value and why labeling products as 'most loved' can drive sales. Take these actionable steps and transform your business!
18:06
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Quick takeaways
- Implementing a decoy option can enhance the perceived value of your primary offering, influencing customers towards preferred choices.
- Using psychological pricing techniques, such as odd-number pricing, can significantly impact consumer perceptions of affordability and quality.
Deep dives
The Decoy Effect in Pricing
Introducing a decoy option can create a perceived value for other products or services. For example, when Starbucks wanted to increase venti sales, they introduced a larger Trenta option, making the venti appear more appealing in comparison. This tactic demonstrates how adding a less attractive choice influences customers to gravitate toward the desired middle option. Businesses should evaluate their pricing tiers and consider how an additional choice could enhance the attractiveness of their primary offering.
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