Product Pricing: 7 ways to make your price look like a steal (without discounts):

7 ways to make your price look like a steal (without discounts):
1/ Anchoring

If you want to make the price of your product more reasonable or less expensive, include a similar, but more expensive product next to it.

Seeing a similar item at a much higher cost causes you to believe it’s a great deal and pushes you to buy.

For example,
Williams-Sonoma had a $275 bread maker in their catalog that wasn’t performing well.

When they showed a similar bread maker for $429 and placed it next to the $275 one in an ad, sales for the $275 almost *doubled*.

2/ Shorten the Timeframe

Instead of using a “per year” calculation, give users a smaller timeframe, ideally, one that matches how frequently they’ll use your product – monthly, weekly, or daily.

3/ Smaller is Better

When it comes to size, we perceive big fonts as hefty and expensive.

Use a smaller font to make your price seem more affordable.

4/ End in Odd Numbers

Using odd numbers at the end of a price like 5,7, 9 seem smaller than 0.

Also, it looks so specific that it gives the illusion of the lowest price possible.

5/ Use a Decoy

Add a 3rd less attractive option to influence the appeal of the two choices.

The decoy is not intended to sell, just to nudge consumers to the more expensive or profitable option.

6/ Kill the Dollar Sign

Research shows it is more effective to price luxury products without the dollar sign.

The dollar sign or the word “dollar” triggered a pain-of-paying response.

7/ Remove the comma

Commas make a price seem longer and in our minds look “bigger”.

Remove the comma and people will perceive it to be lower.

TL;DR – To make your price seem like a steal, try:

1/ Anchoring
2/ Use a decoy
3/ Smaller font size
4/ Kill the dollar sign
5/ Remove the comma
6/ Shorten the timeframe
7/End price in odd numbers

That’s a wrap!

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