Most online retailers don’t pay enough attention to their pricing strategy, they don’t see it as a game changer for their business, and hence they opt for other tactics that take cost more time and money. For example, they may spend weeks trying to fix their SEO and website optimization to increase their conversion rates, and just forget completely that pricing is a fundamental prerequisite for many purchase decisions. And that store’s pricing position will determine which type of customers they attract.
The great thing about changing your product prices is that you can adjust it and measure the results almost instantly. So let’s find out 8 key pricing tactics that you can implement today to increase your sales.
There are certain pricing triggers that either put people off or cause them to click. However, not all target audiences are the same, so it’s also about finding what does and doesn’t work for the different segments.
Pricing Tactic 101: Use .97 Instead Of .99 Click To TweetThis is an improvement on the left digit effect. Most retailers will use 9.99 to make the customer think it’s cheaper .But as customers get more savvy and shop a round. you can ahead by making it 9.97Pricing Tactic 101: Show the price-saving next to the product Click To Tweet
Put the old price next to the new price, and include the percentile saving.
For example: 70%off ! Was 20, Now 6, Save 14
Pricing Tactic 101: Use numerical digits instead of words Click To Tweetit takes less time for the brain to process. The typical internet user has a low attention span .So it’s important to help make their mind up quickly.
Half-price becomes 50%.
Pricing Tactic 101: Test Customers Psychology with Different Pricing Tables Click To TweetGo with the one that gets results. this is self-explanatory. Tailor your pricing strategy to your market by finding out what they respond to.
Pricing Tactic 101: Less Syllables Make The Price Appear Smaller Click To TweetThe brain associates the number of syllables with quantity. The more syllables in a price, the more expensive it seems. So three hundred and ninety-nine pounds becomes three-nine-nine.
Pricing Tactic 101: Mould People's Perception Of Value Click To TweetYou can do this buy placing the ideal purchase in the middle. i.e if you have three options. people will tend to go for the middle option. Not too cheap, not too expensive.
Pricing Tactic 101: Use Price Anchoring Technique Click To Tweetthis is where you have 3 product options. the cheapest acts as an anchor. the middle is what they’re after. But the most expensive is better value because if they spend an extra few pounds. they get twice as much.