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Why Psychological Pricing is Effective
Psychological pricing plays on the fact that consumers rarely know what something should cost. Most often the way we’re able to determine if something is a good deal is by getting it for a lower price than normally listed or by comparing it to similar products in the same category.
Consumers want to know that they’re getting the best of something, whether it’s the best price point, the best quality, or the best value.
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What Your Prices Say to Customers
Pricing can be used as a marketing strategy or as a way to increase perceptions of quality. Sometimes it’s baked directly into a brand’s ethos.
It’s so much more than a simple calculation—pricing, especially the practice of psychological pricing, can have a real im...
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6 Types of Psychological Pricing
- Charm pricing and odd-even pricing: It removes one cent from the rounded dollar price of an item to trick the brain into thinking it costs less.
- Slashing the MSRP: Some businesses sell right at the manufacturer’s suggested retail price, but others ...
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Psychological Pricing
It's a strategy that uses pricing to influence a customer’s spending or shopping habits to make more or higher value sales.
The goal is to meet a customer’s psychological need for something, whether that’s saving money, investing in the highest quality item...
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Higher Prices As Quality Signals
Higher prices give the impression that an item is worth more, even if it’s made by the same manufacturer or the same materials.
This is a popular strategy that businesses use to signal that their items are luxury or designer pieces. Customers see an ex...
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6 Types of Psychological Pricing
- Charm pricing and odd-even pricing: It removes one cent from the rounded dollar price of an item to trick the brain into thinking it costs less.
- Slashing the MSRP: Some businesses sell right at the manufacturer’s suggested retail price, but others ...
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