Selling price: 5 secrets for your pricing strategies directly from psychology and neuromarketing studies

Selling price calculation is a delicate activity. Discover 5 neuromarketing secrets for pricing strategies. Make your pricing effective right away!

How to establish the selling price of the goods offered to the public?

A question of common interest to which we will reply immediately, with the following 5 suggestions to consider before quantifying the actual price of the products-services offered: real pricing strategies supported by studies and tests, psychology and neuromarketing.

1 # Use round numbers

Although many shopkeepers continue undeterred to prefer the amounts ending in 99 cents, this pricing technique (centered on the hope of convincing buyers to believe that they are saving) has been outdated for some time now: according to a recent survey the 57% of respondents sided in favor of round figures, justifying their preference with the fact that the full numbers would be better able to transmit honesty.

2 # Use the anchoring effect

To explain perfectly what the anchoring effect is and how to exploit it to your advantage, let us assume that we are real estate agents who must tell some buyers how much the chosen apartment is worth.

The first price offered to potential buyers will inevitably influence them in the evaluation of the perceived value: the higher the starting cost, the more valuable the housing structure will appear. This mechanism (which is activated in the mind of those who spend in an absolutely unconscious way) must be used only with knowledge of the facts and awareness because, simply by mistake, one risks losing more or less considerable amounts of money.

Another opportunity for maximum performance of the anchoring effect is the matching of various similar products with different prices, always ordering them from the most expensive to the least expensive. This will stimulate people to enhance the desired product upwards and prepare it for the possibility of a more valuable purchase.

Selling price

3 # Instead of lowering prices, the value increases

When customers complain about a too high selling price, the best solution is to increase and / or better convey the value of the products-services offered without reducing the final cost. This is because, at a general level, complaints may derive from the fact that …

  • The buyer does not have enough money (in this case the seller can do nothing);
  • The buyer does not perceive the actual value of the goods to be purchased (in this case the seller can change his marketing strategies).

If in the first hypothesis the seller is not willing to sell off his goods is unable to resolve the issue, in the second case he can change his commercial and marketing strategies in such a way as to make the customer perceive the actual qualities of the article while justifying the cost.

4 # Raise your pricing

Regardless of the quality level of a certain product, the perception of its value derives strongly from the proposed price : if a bottle of wine is worth 30 dollars but is sold for 50 dollars, whoever buys it tends to think that its cost is proportionate to the its characteristics and, vice versa, that its characteristics justify the cost.

Given that a greater expense creates the illusion of obtaining better items in the public, it is always better to propose one’s own goods with a certain price increase, making sure, however, not to overdo it. Obviously, this is a very general and functional consideration only on markets and products with non-price competition.

5 # Eliminate or reduce the dollar symbols

When talking about pricing strategies, it is appropriate to remind merchants that the signing of the dollar or the currency used in the country of origin creates in the consumer the effective awareness of being about to spend money. If eliminating the symbol completely from price lists and menus is not advisable, it can be reduced to a lesser extent compared to the names of the products, so as to direct the concentration of consumers on what they are about to receive rather than having to put their wallet. It seems absurd but various psychological studies have shown that the smaller the symbol of the currency, the lower the consumer’s anxiety towards the expense to be sustained!

These are our 5 tips to establish the selling price of the products-services offered: effective solutions that act directly on the psychological sphere of customers, stimulating them to purchase.

Hi, I am Sagar Chowdhury; I am an entrepreneur, father, mentor and adventurer passionate about life. At this moment, I am working with depression and anxiety; here is my blogs how to recover from anxiety and how to fight with anxiety. I hope everyone will like my blogs.

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