Psychological prices are those numbers that we unconsciously perceive especially attractive and irresistible. So inevitably arouse our desire to benefit from these “bargains”; thereby significantly boosting sales.
This is a technique used in commerce and traditional marketing, which has also jumped into the online environment; helping to increase conversion rates and sales figures. Vendors use different formulas when applying these “psychological prices”, although some are more common and popular than others.
Highlight the price as really compelling. Whether using a larger font than the rest, changing the color of the poster, as an “outstanding deal” or resorting to practices such as ending the price “5” or “9”, or include decimals in a much smaller than the headline figure.
It is graphic elements that contribute to feeling offer, discount or rebate; in short, unique opportunity to buy.
Make packs of product. In presenting a set of complementary products, we feel that it is more advantageous proposal than buying each separately. This well know fast food companies that prepare their kits or savings menus.Another example is the well – known 3×2, or offer additional product, just for a little more. The customer loses the reference unit price, in order to benefit from a complete set at a cost that, a priori, it is a bargain.
Flash sales. This is a way to sell a particular product at an attractive price, only available in a short period of time. With this technique, besides conferring exclusivity to the proposal, it is able to create a sense of urgency.
In the case of certain dates set for this type of flash sales, customers eagerly await the appointed day, with credit card in hand.
Such strategies also applies to sales with personalized coupons for specific products, with an effective date.
Anchor price. This is to convince customers they’re getting a bargain, using a relative value. To this end, in one hand , a standard product, with improvements and advantages, and more than the usual price shown, along with a higher quality product, and thus higher price, but no additional benefits.
In comparison, the first proposal seems more interesting, and customers bet convinced by it; although they are buying a product that does not exceed in quality to most expensive, nor know take advantage of the differential values that are offered, from the usual standard.
Offer something for free. The stimulus gifts, gifts and free stuff has no competition. Customers love the idea of getting something for free. Such is the case of the success of free postage, the main incentive when deciding to buy online.