6 Types of Psychological Pricing - Deepstash
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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 show it next to the lower price they’re selling the item for.
  • Artificial time constraintsto create a sense of urgency: Only a few hours left!
  • Innumeracy: A box of pasta might be on sale for 50% off if you buy 2.
  • Price appearance: $12 feels cheaper than $12.00 because the number itself isn’t as long.
  • Consumers like flat rates, even when they cost more.

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MORE IDEAS ON THIS

What Your Prices Say to Customers

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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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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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 categor...

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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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