Your pricing strategy can be key to boosting sales. And the human psyche is easy to manipulate. So how can you use psychology to boost your sales? Here are 13 pricing hacks to try out.
What makes your product’s price more attractive to the customer? There are more components to pricing than the actual price. And due to human nature, changing the way you physically display the price can make it more enticing to the consumer.
Thanks to the team over at Wikibuy, we have 13 sales-driving pricing hacks to share with you:
- Display prices in small fonts
- Show premium option first
- Use bundle pricing
- Remove the comma from prices
- Price in installments
- Offer three items
- Position low prices on the left
- Price depending on purchase intent
- Price from high to low
- Add visual contrast
- Use words related to small magnitudes
- End prices in “$9”
- Remove dollar signs
With so many options, how do you know where to start? As with most changes, it is best to gradually implement adjustments versus overthrowing the entire system.
Pick a couple of tactics to try out on the same item. It’s important that you experiment with different pricing strategies on the same item. This way only one variable is changing at a time.
For example, let’s say a grocer features the prices of apples in a small font and the prices of bread without a dollar sign.
If the apple sales increased, but bread sales declined, you can’t deduce that removing the dollar sign is ineffective. Maybe a large part of the community decided to try a grain-free diet during that time. It’s natural for sales to fluctuate slightly. The best way to accommodate for this while testing pricing strategies is to run trials on the same products.
You can continue this testing method until you find the optimal way to display prices. For more details on the pricing hacks listed above, check out the infographic below.
Author: Luke Fernandez runs Growth at Wikibuy, a consumer product that helps shoppers know when, where, and what to buy. As a Product and Growth leader, Luke has helped Fortune 500 companies and startups alike drive best-in-class marketing through technology and data.