Why Psychological Pricing is Effective - Deepstash

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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karlabro

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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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