Price psychology: how to get your customers to choose you with proven strategies
Posted: Sat Feb 01, 2025 10:42 am
Marketing
Surely when talking about setting the price of a product or service , one of the 4 P's of marketing will come to mind. The "price" or price as a positioning strategy in the mind of the consumer does not always have to be lower than the average, or cheaper than the competition to achieve an increase in sales. In fact, if this were the case, brands would sink in front of supermarket white brands and there would be no place in the market for firms in the luxury segment. That is why today we want to talk about this psychology of price, giving you some examples of how it can be played with and an increase in sales can be achieved.
Price: a question of psychology in the mind of the consumer
Forget for a moment about your brand, about how fantastic your product or service is. Put yourself in the shoes of your potential buyer. Now think, would you choose the most expensive product/service on their site? The cheapest one ? To determine which is the best psychological pricing strategy, start by analyzing the why and you will start to get pakistan consumer email list answers. With these in hand, it is time to understand if this value could be modified without the user perceiving it as something negative, but rather just the opposite. Is your immediate answer no? Keep reading.
Packaging changes that add value . Have you ever noticed that well-known brands decide to give their product packaging a makeover? With this change of image, which sometimes means that the packaged quantity is smaller, in many cases the price increases. A double gain that, if well planned, is adequately perceived by the target and also increases sales.
Brands within brands . You'd be surprised how many of the brands that are direct competitors are part of the same parent company. So, when price is an issue because you're competing in the low or high end, a new firm is created to position itself in another segment with a very similar product.
Service excellence as added value . The added value that the consumer associates with a product or service has a psychological cost. Many people prefer to pay more for something because they are offered a greater guarantee, professionals with long careers, free returns, and so on.
Surely when talking about setting the price of a product or service , one of the 4 P's of marketing will come to mind. The "price" or price as a positioning strategy in the mind of the consumer does not always have to be lower than the average, or cheaper than the competition to achieve an increase in sales. In fact, if this were the case, brands would sink in front of supermarket white brands and there would be no place in the market for firms in the luxury segment. That is why today we want to talk about this psychology of price, giving you some examples of how it can be played with and an increase in sales can be achieved.
Price: a question of psychology in the mind of the consumer
Forget for a moment about your brand, about how fantastic your product or service is. Put yourself in the shoes of your potential buyer. Now think, would you choose the most expensive product/service on their site? The cheapest one ? To determine which is the best psychological pricing strategy, start by analyzing the why and you will start to get pakistan consumer email list answers. With these in hand, it is time to understand if this value could be modified without the user perceiving it as something negative, but rather just the opposite. Is your immediate answer no? Keep reading.
Packaging changes that add value . Have you ever noticed that well-known brands decide to give their product packaging a makeover? With this change of image, which sometimes means that the packaged quantity is smaller, in many cases the price increases. A double gain that, if well planned, is adequately perceived by the target and also increases sales.
Brands within brands . You'd be surprised how many of the brands that are direct competitors are part of the same parent company. So, when price is an issue because you're competing in the low or high end, a new firm is created to position itself in another segment with a very similar product.
Service excellence as added value . The added value that the consumer associates with a product or service has a psychological cost. Many people prefer to pay more for something because they are offered a greater guarantee, professionals with long careers, free returns, and so on.