The Psychology of Pricing - Deepstash

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MEDIUM

The Psychology of Pricing

The Psychology of Pricing

medium.com

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Missing factors that  influence pricing

We usually spend more time on how to figure out our margins based on costs and the financial goals we need to reach and underestimate some seemingly small and unimportant factors that can influence the perception of pricing and cause a potential customer to buy.

When choosi...

Avoid colours in the pricing sections

Avoid overly colouring. Colours are typically used to highlight or “add a weight”. When it comes to pricing, weight makes them look less affordable.

But there are instances you can use light colours to your advantage.

Position the price tag at the top

The position of the price tag can make it look even lighter.

A recent study showed that the location of a product image on the packaging influences consumers’ perceptions of what they call “visual heaviness”.

If prices are placed at the top, potential customer...

Shorten the distance between the available plans

As a general rule of thumb, try to bring pricing plans together as much as possible.

Research shows that customers will consider it as a group and feel like they will be taking advantage of the benefits listed in all pricing plans.

Naming your pricing plans

You should properly name every single pricing plan and ensure that the size of the name is larger than the price.

You want your customers to focus on what they will be offered rather than how much it will cost.

Highlight your most expensive plan

If you use colour to highlight your most expensive plan, it would be the first thing a potential customer will look at.

The first reference price for your product should be the highest one. After that, the remaining plans will look much more affordable.

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